Published February 28, 2023
5 Ways to Build Your Credit
.png)
Establishing a strong credit rating is essential for any individual wishing to obtain a mortgage for a new home. To begin this credit-building process, it is advisable to obtain an annual free credit report from the three credit bureaus: Experian, Equifax, and Transunion. After examining the report, it is essential to ensure that all of the personal details, such as name, address, and place of employment are accurate. It is also important to double-check that there is no inaccurate information or charges present. Should any inaccuracies be discovered, individuals should take the steps to dispute them to be able to raise their credit score.
Images from Getty Images Signatures
Additionally, individuals can also benefit from applying for a secured loan or a credit-building loan. Diversifying the types of credit is recommended; for instance, opening a revolving account for a secured credit card. Whatever open credit an individual holds, it is crucial to ensure that the minimum payment is made each month and that less than 30% of the available credit is used.
Apply for a free credit report here.
Check out our FREE Buyer's Guide to get the latest information on the housing market and to see if now is your time to buy your home!
Are you buying or selling a home?
When are you planning on buying a new home?
Are you pre-approved for a mortgage?
Would you like to schedule a consultation now?
When are you planning on selling your home?
or another way