Nearly 3 out of 10 Americans have a credit score of 620 or lower, and are unlikely to qualify for a conventional mortgage loan.
And the lowest mortgage rates usually go to people with credit scores of 740 or higher. According to myFICO.com, in September 2010, 47% of Americans had a credit score over 720, but as of September 2013, that number is 40.3 percent.
When you’re ready to buy a home, you want to avoid any unpleasant surprises, so it’s important to make sure your credit is in good standing.
At least 6 months before trying to purchase a home, check your credit score. Fix any mistakes, and make sure you keep paying all your bills on time. Also, don’t take out any loans or new credit before closing on your new home.
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Good credit may not seem like much… until you lose it.
And you certainly don’t want to be sacrificing a good credit score due to someone else’s mistakes, so here are a few tips on making things right:
1. Do it now.
2. Don’t assume the mistake you know about is the only mistake in your credit history.
3. If your credit report error involves identity theft, put a fraud alert on your file.
4. Complain to everyone who screwed up.
5. If all this complaining does nothing, consider an attorney.
6. Back up your story with proof.
7. If at first you don’t succeed, keep complaining until you do.
Read instruction on how to accomplish each of these steps at House Logic:
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Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®
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