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It’s a great idea to start working on improving your credit score several months before you apply for a big loan, whether you are buying a house, refinancing or buying a car. Boosting your score could help you qualify for a lower loan rate and save you thousands of dollars over the life of the loan. Of course, paying your bills on time has a big impact on your credit score, so be particularly careful not to miss any deadlines before you apply for the mortgage. Here are other strategies (and a timeline for taking them) that aren’t as obvious but can also make a big difference.
When you make your application, the mortgage lender look for three main things: a steady income, a down payment, and a solid credit history. Checking your credit report will let you see if there’s anything that’s hurting your credit. You never know which credit report the bank will pull, so check all three of them. You can get a free copy of all three credit reports at AnnualCreditReport.com.
Mortgage lenders need to be convinced that you’ll make your payments on time. Outstanding delinquencies will kill your chances of getting a mortgage. Pay off all accounts that are currently delinquent before putting in a mortgage application.
Go over the reports carefully, making sure it's 100 percent accurate. Follow the instructions that accompany the credit report to correct any errors, especially ones that relate to late payments, credit limits and balances carried and length of time each account has been open, as these are the items that have the greatest impact on your credit score and your car loan. After checking your free credit report for errors, buying one report with a credit score is a good idea.
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