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Whether you’re planning to buy or rent, your credit profile can impact whether or not you’re able to get the home of your dreams.

Improving Your Credit to Buy a House

Before you apply for a mortgage loan, make sure your credit history is in order by thinking about the following factors:

  • Credit Obligations: Make sure you’re current on all of your accounts (credit cards, loans, etc.)
  • Credit Utilization Ratio: Using too much credit may negatively impact your score.
  • Credit History: A long history of on-time payments is ideal.
  • Account Types: A diverse mix of accounts (such as credit cards, student loans, an auto loan, etc.) shows that you manage a variety of credit obligations.
  • Debt-to-Income Ratio (DTI): While your income is not part of your credit report, many lenders will ask for income information to make a more informed decision.

Should You Pay Off Your Mortgage Early?

August 16, 2016

Dear Experian, Is it a good idea to pay off my mortgage early? What affect will that have on my score and how quickly will it go up? – LTD...

Are rent to own loans good for my credit?

August 4, 2016

Dear Readers, People often ask if rent-to-own loans help build a credit history. Unfortunately, the answer is no, because such loans are not currently reported to the credit reporting...

Impact of Missing One Mortgage Payment

July 16, 2016

Dear Experian, I admit I was late on one mortgage payment in 30 years, and my credit dropped 52 points. Is that normal for the credit industry, and am I...

How to Obtain a RentBureau Report

January 3, 2016

Dear Experian, How do I get a free consumer report from Experian RentBureau? My landlord has found incorrect information on the service he uses. - TNY

Previous Mortgage Still Appearing on Credit Report

December 19, 2015

Dear Experian, We refinanced our home with a different lender and my credit report is showing I have two mortgages. How long will it take for the lender that was...

The Effect of Delinquencies During a Short Sale

April 24, 2015

Dear Experian, Will it have more of an impact on my credit report if I stop making my mortgage payments and become 90 days or more delinquent during a short...

Mortgage Modification Programs and Your Credit Score

January 31, 2015

Dear Experian, I am beginning a government-sponsored HAMP mortgage modification program. My lowered first three trial mortgage payments will be reported as "partial payments.” After the trial period they will...

Experian Credit Report Does Not Include Eviction

January 23, 2015

Dear Experian, An eviction is showing on my credit report, per the leasing company I submitted an application to. I have never received paperwork for an eviction, but when I...

Quitclaim Deed Does Not Override Contractual Obligation

January 9, 2015

Dear Experian, I recently had my credit checked for a preapproval on a new home purchase and found that my credit scores and my wife's had dropped from the high-700s...

Broken Lease Appears on Tenant Screening Report

October 24, 2014

Dear Experian, My daughter’s report is showing she had a broken lease in November 2013. However, she just moved out in July. How can she correct this? - ...

Update Your Credit Report to Show Home Ownership

October 15, 2014

Dear Experian, I am the owner of a house with a paid mortgage, which I am renting to family. How will this affect my credit scores, and how can...

Credit Reports Show Mortgage Loans not Home Ownership

August 27, 2014

Dear Experian, I bought a home a few months ago. How do I update my status to homeowner? - TFW