How can I improve my credit score to help get approved for a mortgage?

Improving your credit score is key to getting approved for a mortgage. In Washington, mortgage lenders may use a credit score to determine an individual’s risk as a borrower. A credit score is a three digit number between 300 and 850 that measures how well you handle debt payments. The higher the score the better, and the more likely you are to be approved for a mortgage with favourable terms. To improve your credit score, start by taking the time to review your credit report. Your credit report will indicate any negative items, such as late payments, that may be impacting your score. Address any of these items by reaching out to creditors to negotiate settlements or make payments. It is also important to reduce your credit utilization ratio. This is how much of your available credit you are using. To improve your credit score, try to keep this number as low as possible, ideally below 30%. You can also try to establish a longer credit history by using a credit card or loan for a few small purchases that you can pay off in full each month. Building a history of responsible borrowing over time is beneficial for a higher credit score. In addition, be sure to pay your bills on time. Late payments can significantly damage your credit score so make sure to keep up with payments for any revolving debts. By taking the time to review your credit report, reduce your credit utilization ratio, build credit history, and always pay your bills on time, you can improve your credit score and increase your chance of getting approved for a mortgage in Washington.

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How can I improve my credit score to help get approved for a mortgage?

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