Get your credit ready

Getting ready to buy a home this spring? Make sure there aren’t any cracks in your credit. A good credit score is essential when it comes to securing a mortgage.

“If (your score is) below 600, you’re probably not going to buy a home in the short term,” says Mike Sullivan, director of education at nonprofit credit and debt counseling agency Take Charge America.

Given the slew of stringent regulation introduced following the housing crisis, most lenders simply won’t risk extending this demographic credit. In fact, even consumers with good scores should polish up the ol’ credit report.

Qualifying for the best mortgage rates starts at a 740 credit score. Scores below that threshold will likely have higher interest on their home loans.


With that in mind, here’s a look at the steps you should take to prepare your credit before applying for a mortgage.

Review your credit report card. …

Dispute any inaccuracies. …

3. Make sure you have several tradelines. …

Leave older credit lines open. …

Avoid opening new credit lines. …

Stop buying on credit.


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Ramona Williams

Ramona Williams

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