{"id":2499,"date":"2020-10-01T21:11:24","date_gmt":"2020-10-01T21:11:24","guid":{"rendered":"https:\/\/trepryor.com\/blog\/?p=2499"},"modified":"2023-09-07T18:03:40","modified_gmt":"2023-09-07T18:03:40","slug":"7-tips-to-raise-your-credit-score","status":"publish","type":"post","link":"https:\/\/trepryor.com\/blog\/7-tips-to-raise-your-credit-score\/","title":{"rendered":"7 Tips to Raise Your Credit Score Before Buying a Home"},"content":{"rendered":"\n

A higher credit score will lower your mortgage interest rate and give you more buying power. Since the COVID-19 induced recession, buyers are finding that some credit scores that were previously sufficient to qualify for mortgages are now inadequate. And if you\u2019re torn between buying or renting, your credit score might make the decision for you.  Read on to learn some great ways to raise your credit<\/a> score before buying a home.<\/p>\n\n\n\n

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My Mortgage Insider<\/a> explains,<\/p>\n\n\n\n

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\u201cThe Federal Housing Administration, or FHA, requires a credit score of at least 500 to buy a home with an FHA loan. A minimum of 580 is needed to make the minimum down payment of 3.5%. However, many lenders require a score of 620 to 640 to qualify.\u201d <\/p>\n<\/blockquote>\n\n\n\n

In reality, marginal borrowers may find that a 640 credit score is the absolute minimum required for a conventional loan. Therefore, it\u2019s critical to raise your credit score before beginning the home buying process<\/a>, and here are seven ways to do that.<\/p>\n\n\n\n\n\n\n\n

1. Read Your Credit Report<\/h2>\n\n\n\n

First, get a copy of your credit report<\/a> and correct any errors. Although you frequently hear and see this advice, it\u2019s a good first step. There are many credit report errors that can lower your score like:<\/p>\n\n\n\n