
How To Improve Your Credit Score for a Mortgage Application
A credit score is a numeric representation of an individual's creditworthiness. It is calculated by a credit bureau and used by mortgage lenders to determine a potential borrower's likelihood of repaying a loan on time. A good score reflects your financial history and secures quality mortgage services. The higher the score, the better the loan terms lenders you will receive. A poor score leads to a loan denial or costly loan terms. Here are four things you can do to ensure a competitive credit score and gain a mortgage approval. 1. Check Your Credit Status Reports Get a copy of your credit report from the three national consumer credit reporting agencies. These agencies are Experian, TransUnion, and Equifax. You can request copies of all three reports at once or at…