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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.

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

“Statement of Dispute” Delaying Mortgage Refinance

July 17, 2014

Dear Experian, We are refinancing our house. There was an account on my husband’s credit report that he had disputed at the time it was reported. It is still showing...

Late Payments During Mortgage Modification

May 29, 2014

Dear Experian, I have never been late with mortgage except the two months I was working on a mortgage modification with my mortgage company. I was told not to pay...

When Are Short Sales Deleted from Credit Report

February 5, 2014

Dear Experian, How long is a short sale on your credit report? We did a short sale in December 2010, and it is still on our credit report. - SPG

Missing Payments Will Worsen Impact of Mortgage Short Sale

January 15, 2014

Dear Experian, How will it affect my credit score if I short sell my house without missing any mortgage payments versus missing payments prior to the sale? - BSB

Cosigning for an Apartment Lease Could Hurt Your Credit

January 1, 2014

Dear Experian, I would like to better understand how co-signing for apartment leases affects credit. - IAB

Impact of a Short Sale when Mortgage Not Deliquent

September 10, 2013

Dear Experian, With the declining value of property, sellers are caught in the position of having to short sale on properties for which the sellers are not delinquent. How does...

College Student Facing Eviction when Roommate Violates Lease

September 10, 2013

Dear Experian, My daughter – a college student – may be evicted from her apartment due to her roommate violating the lease. If this happens how will it affect my...

Fraud Security Alerts Can Slow Mortgage Approval

September 10, 2013

Dear Experian, I recently placed a 90-day fraud security alert on my credit history though Experian. Will that affect my ability to be approved for a mortgage? - ITR

When Roommates Don’t Pay Their Share of Rent

September 10, 2013

Dear Experian, I'm a college student, and today I was given an eviction notice because my roommates didn’t pay their rent on time. I was wondering what happens if they...

Impact of Selling House and Renting on Credit Scores

August 20, 2013

Dear Experian, We purchased a house four years ago and sold it recently for more than we mortgaged originally. We are now renting. Does this help or hurt our credit? -...

The Impact of Foreclosure on Your Credit Report

August 20, 2013

Dear Experian, With all the real estate and mortgage problems today I am sure this question has come up before. But, for some reason I can’t find any information on...