This is the third post in my four part blog series on taking steps to raise your mortgage credit score before buying a home in Northern Virginia. So far we’ve covered Part 1 and Part 2.
Paying Your Bills on Time Plays a Big Role in Raising Your Mortgage Credit Score
Staying on top of your bills is the best way to increase your credit score over time. You may also want to pay more than the minimum, even if it’s only a few dollars on your revolving credit. A history of only paying the minimum will show up on your credit report and isn't the most flattering thing for lenders to see. Plus, paying more will help you reduce your debt faster and save you money on the overall interest that you will have to pay.
Thankfully, when it comes to utility bills (i.e. cable, internet, phone, etc.) affecting your mortgage credit score, most vendors don’t report a late payment to the credit bureaus until a bill goes to collection. However, the more you get in the habit of paying these bills on time, the less likely you are to make a late rent payment, or other especially important monthly bill.
Are you thinking of buying a home in Northern Virginia, but you’re not sure about the first steps? Getting pre-approved is easy! Also, a lender will be able to give you some good strategies that will help you get your mortgage credit score up to where it needs to be.
No matter how early on you are in your search for Northern Virginia real estate, it’s often good to start looking at properties early in your home search – it’s amazing how different some places look in person than in pictures! I’m never too busy to show properties, so give me a call at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com to set up a showing for one of the properties you see on my website. Happy house hunting!