If you’re ready to experience the benefits of home ownership, you’re probably going to need a mortgage loan. And if you’re going to need a mortgage loan, you’re definitely going to need to work with a mortgage broker.

Before you do, however, you should be aware of all the other things you’re going to need moving forward – and no, a perfect credit score isn’t one of them. But the better your score, the easier it will be, so consider these four easy ways you may be able to improve your credit score.

 1. Check your credit report for errors

Think there aren’t errors on your credit score? Think again. Review your credit report from all three major credit reporting agencies – Equifax, Experian, and TransUnion – and notify them if anything seems suspicious. If you find something fishy, follow their dispute process to ensure that your report is accurate.

 2. Pay debts

The amount of your outstanding debt determines a huge chunk of your credit score. Scrutinize your budget, and allocate funds to reduce or eliminate whatever you can in the weeks and months leading up to your desired purchase date.

 3. Pay on time

Your payment history accounts for an even larger chunk of your credit score than your outstanding debt! That’s why it’s crucial you not only reduce your debt but make your debt payments on time. Late payments will remain on your credit report for up to seven years.

 4. Don’t apply for more credit, and don’t close out any existing credit

It may seem inviting at a time like this to apply for another credit card or two, to help shuffle finances around, but that’s probably the worst thing you could do at this point. A small portion of your credit score is determined by the number of applications you make, and too many will make lenders view you as “risky,” which is never a good thing. However, a savvy broker using a credit repair service like Credit Assure can help you bring your score up instantly.  Especially now with the holidays just around the corner, you will be faced with a barrage of credit offers.  Don’t be tempted by these offers, they could be the difference between being approved and denied for a mortgage.

To find out more about what you’ll need to work with a mortgage broker, contact one today – Co/LAB Lending!

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