Credit Score Blues? Here’s How to Build Credit, Fast, Before You Buy a House

You’ve decided the time has come to buy a house. You’ve saved your down payment, chosen the perfect real estate agent, and figured out exactly what city or neighborhood you want to call home. But there might be one very important factor you’ve forgotten about, and it can affect not only your viability as a buyer, but also your spending power, interest rates, and attractiveness to both sellers and lenders: your credit rating. Learning how to build credit fast can make a big difference in your mortgage approval odds and loan terms.

Step one: Talk to a few buyer's agents!

Tell us a little bit about your plans (where you’re looking to buy and when you want to make a purchase) and we’ll connect you with top-rated buyer’s agents in your area. It takes only a few minutes, and it’s free.

Get Started

Why good credit scores matter

Credit scores can affect many areas of your life. They not only show lenders your ability to pay your bills on time, but also how much debt you have and how much additional debt you can potentially carry. A good credit rating can smooth the way to a relatively painless mortgage loan approval, while a bad rating can make it difficult to get a loan at all.

According to credit reporting agency Experian.com, a credit score, also known as a FICO® score, of 700 and above is considered “good.” Anything in the 800 range is considered “excellent.” The average score for most consumers falls between 680 and 750.

Building good credit can feel overwhelming, but even if your score isn’t perfect or you don’t have any credit yet, you can still make real progress. With a little help from the experts, you can build credit fast before buying a house and see your score improve faster than you might expect.

We’ve researched the fastest and most effective ways to build credit, working with real estate professionals and consumer credit specialists to create a checklist that helps you improve your score before buying a home.



from HomeLight Blog https://www.homelight.com/blog/buyer-how-to-build-credit-fast/

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