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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.

Will I Be Able to Get a Mortgage Loan After Declaring Bankruptcy?

January 31, 2017

Dear Experian, I filed Chapter 7 bankruptcy almost eight years ago. Should I wait 10 years until this is off my credit report to qualify for a first time...

How Does an Eviction Affect Your Credit?

December 27, 2016

Dear Experian, I am trying to apply for an apartment but they say there is an eviction on my record. Where would I find this information and how do...

What is a Rapid Rescore? Is it something I should consider?

December 22, 2016

Dear Experian, I currently have a pre-approval for a home loan and would like to get a better rate by improving my credit scores. I have credit cards and...

What do you need to rent an apartment?

December 6, 2016

Dear Experian, I’m going through a divorce, and I need to get an apartment; therefore, I need advice on how to get my credit score up as much as...

Can I Report My Mortgage Payments to the Credit Bureaus?

November 29, 2016

Dear Experian, I would like to send in my payment history from my mortgage payments to be added to my credit report. My lender does not report, and I...

Can You Buy a House with Bad Credit?

September 8, 2016

Dear Experian, I would like to buy my first home. I have been cleaning up and paying down my credit. My score is going up but I still have...

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...