Connecticut Mortgage: Credit Scores and Qualifying for a Mortgage

How To Improve Your Credit Score So You Are Able To Purchase A House


Most people today have a goal of someday owning their own home.  Sometimes a low credit score can get into the way of this.  Many think with a poor credit history there is little they can do to fix their situation, raise their credit score and put themselves to buy a home.


First step in improving your credit score is to first know what your score is and what you have for both good credit and poor credit.  To do this you should have your credit pulled.  Make sure it includes all 3 major credit reporting agencies Experian, Transunion, and Equifax.  This way you are able to see what might be impacting your score.


Secondly figure out where your score needs to be to buy a home.  Many programs today work with scores in the low 600’s and some companies will lend to those who have scores in the 500’s.   Typically first time home buyer programs will allow for lower scores than other programs.


Next we recommend having a conversation with a mortgage expert who can help guide you on what needs to be paid of or paid down to help increase your score.  For example if you had an accident and had medical collection accounts you may not need to pay these off if the impact on your score is minimal.  Other accounts that are past do or in collections may need to be paid off this is where a mortgage expert who has years in helping improve credit scores for individuals and families.  Sometimes high balances on credit cards could be effecting a score from being higher.  If you have a credit card with a $5000 limit but have a balance of $4875 this can greatly effect your score.


Most people who have a poor or slow credit history usually able to correct their situation and can do this in a relatively short period of time.


Please call today so that I can help with your upcoming mortgage.


Thank you,


craig picCraig Thibeau
Senior Loan Officer
North East Financial Middletown, CT
Ph 860-334-1354
NMLS  398576 Company NMLS 117273