If you plan on getting a mortgage in the near future, there are certain things to avoid prior to applying for a loan that could reduce your credit score and affect your chances of qualifying,
Most common issues to avoid:
Credit formulas use a variety of data in a to calculate a score. Major items that can change your scores include:
* Amount of time since accounts were opened
* Number and type of accounts with balances
* Proportion of current balances to credit limits
* Number of late payments over 30 days past due
* How long delinquent accounts were past due
* Bankruptcy, judgments, liens, collection accounts
Because of the importance of this number, there are some other items you should be aware of that can boost your credit before starting the loan process.
Credit formulas use a variety of data in a to calculate a score. Major items that can make a change include:
* Amount of time since accounts were opened
* Number and type of accounts with balances
* Proportion of current balances to credit limits
* Number of late payments over 30 days past due
* How long delinquent accounts were past due
* Bankruptcy, judgments, liens, collection accounts
Check for errors on your credit report and dispute the accuracy if you find any. Consumer disputes must be investigated by the credit reporting agencies within 30 days of reporting an error. If the derogatory information cannot be confirmed by the source during that time period, it must be removed from your report, which could boost your score.
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