How does my credit history affect my mortgage?
Your credit history can be very important when determining what you qualify for in a mortgage. Your loan amount and interest rate are partially determined by your credit scores; the higher your score, the lower your interest rate. If you’re concerned and are looking for ways to boost your score, feel free to try the following:
- Pay down as much of your debt as possible.
- Pay your bills on-time.
- Refrain from opening too many accounts (loans, credit cards, etc.)
- Avoid going negative on your bank accounts.
- Try to steer clear of frivolous spending.
- Try not to close any revolving credit card accounts.