This is the fourth post in a four-part blog series on strategies for increasing your mortgage credit score as you get ready to buy a home in Northern Virginia. So far, we’ve covered Part 1, Part 2, and Part 3.
Increase Your Mortgage Credit Score by Avoiding Big Purchases on Credit
Before you begin the home buying process, don't make any drastic changes to your finances. That is, don't take any expensive vacations or make any major purchases, such as buying a car. Big purchases likes this can change your score and are frowned on by lenders.
Another tip is to avoid taking on new lines of credit, even if you aren’t planning on using the credit for any purchases for a while. Credit companies look at the big picture in terms of how much credit could you draw on at any moment to get maxed out, so if you are opening new lines of credit that have large limits, this could affect your mortgage credit score.
The Bottom Line
The good news is, you can improve your mortgage credit score, but it will take time and self-discipline. This is why it is vital that you begin taking steps to improve your credit several months (or even a year) before you officially start the home buying process.
Important Tip - If you notice some errors on your credit report and you want the credit companies to fix them fast, it can sometimes be beneficial to enlist the help of a credit repair service. The costs vary, but they can often get the credit companies to respond faster and to correct errors more quickly.
Are you in the process of improving your mortgage credit score to get ready for buying a home in Northern Virginia? Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so I can help you pinpoint the Northern Virginia neighborhoods that have the types of properties you’re looking for.