Your credit score serves as a pivotal metric in mortgage qualification. The difference of just 40 points can translate to thousands of dollars in interest charges over your loan's lifetime — or determine whether you get approved at all. This guide outlines concrete steps to improve that number before submitting your application.
The Five Factors That Make Up Your Credit Score
Payment history accounts for 35% of your score — never miss a payment. Amounts owed comprise 30% — keep balances low. Length of credit history represents 15% — avoid closing old cards. Credit mix makes up 10% — variety helps. New credit constitutes 10% — don't open accounts right before applying.
What NOT to Do Before Applying
Avoid opening new credit cards, taking out car loans, co-signing for anyone, or making large cash deposits without documentation. Each of these actions can delay or derail your application.
How Long Does It Take?
Most borrowers can achieve meaningful improvement in 60–90 days with focused effort. In certain cases, borrowers have moved from “not approved” to “approved” status in as little as 30 days by addressing specific credit report items.
Have a question about your specific situation? Call or text (269) 830-0020 directly.
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