melonie mickle | m2 realty | Raleigh, NC
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melonie mickle | m2 realty | Raleigh, NC

  • Resources
      My Home Didn't Sell! Now What? Property Marketing Plan
  • Listings
  • Contact
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Getting Ready to Buy a Home? Use These Tips to Boost Your Credit Score

11 Sep 2022 by Melonie Mickle

Your credit score plays a major part in your ability to secure a mortgage—and to secure a competitive interest rate on your loan. So, before you buy a house, you’ll want to do everything you can to get your credit score as high as possible.

So how, exactly, do you do that?

A recent article from realtor.com outlined strategies potential buyers can use to boost their credit score before they purchase a home, including:

  • Increase your credit limits. If you can’t pay off your credit card debt, one trick to boost your score is to ask your credit card company to increase your credit limit. Increasing your credit limit will improve your debt-to-credit ratio (how much you owe relative to how much credit you have available)—which plays a huge role in how lenders evaluate your creditworthiness for a mortgage.
  • Try to erase one-time mistakes. If you have a history of paying your bills on time, but have one or two late payments on your credit report, try reaching out to your credit card company and asking them to remove the late payment from your credit report. While this won’t work for people with a history of late payments, if you have a mostly positive track record, they may be willing to work with you.
  • Pay on time. If your credit score is less-than-perfect because you have a history of late payments, it’s time to start paying your bills on time. The more consistently you pay on time, the more your credit score will improve—and the easier it will be to get a loan.

Bottom Line

Generally speaking, you’ll need a credit score of at least 620 in order to secure a loan to buy a house. That’s the minimum credit score requirement most lenders have for a conventional loan. If you’re serious about buying a home or making a move and need help with your credit, let’s connect! 

Melonie Mickle
Melonie Mickle

Melonie Mickle, founder/President of m² realty, was born to be a REALTOR®. Her high-energy, resilient nature and interpersonal savvy combined with her love of helping people set her on an early path to becoming a successful real estate agent.

Melonie got her first taste in real estate working in commercial land development from 2002-2009. From there, she went on to master residential and new construction, operating in over 45 neighborhoods selling for a variety of custom and volume home builders. Each phase of Melonie's career has been spent honing her skills and learning new ones, leading her to become one of the most well-respected, top-rated agents in development, residential, and commercial real estate.

Still, Melonie felt constrained and unable to achieve her true destiny, so as 2019 came to a close, Melonie took action and launched m² realty.

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M2 Realty

2703 Jones Franklin Road, #204

Cary, NC 27518

United States

www.m2realty.com

(919) 500-7881

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