{"id":15909,"date":"2018-11-12T01:00:45","date_gmt":"2018-11-12T06:00:45","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15909"},"modified":"2022-09-26T00:33:01","modified_gmt":"2022-09-26T04:33:01","slug":"how-to-improve-your-credit-score-before-starting-the-house-hunt","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/how-to-improve-your-credit-score-before-starting-the-house-hunt\/","title":{"rendered":"How To Improve Your Credit Score Before Starting The House Hunt"},"content":{"rendered":"

Here\u2019s a scenario you don\u2019t want to be in: you\u2019ve shopped around and found the perfect house that checks off all the boxes. But your mortgage rate is high because you\u2019ve neglected to pay attention to your credit score<\/a> in the months leading up to your big purchase.<\/p>\n

Sounds like a bad dream, doesn\u2019t it? This is why your credit score matters when shopping for a home. Here\u2019s how to improve your credit score<\/a> before and during the house hunt to ensure the best possible mortgage rates.<\/p>\n

1 – Make all of your household payments on time<\/h2>\n

Paying your bills on time<\/a>, every time, is one of the best things you can do to improve your credit score before and while you\u2019re on the house hunt. Making payments on time demonstrates to potential lenders that you\u2019re financially responsible.<\/p>\n

Delinquent accounts can have a negative impact on your credit score. If you do have past due payments \u2013 you should try to pay off the oldest ones first.<\/p>\n

2 – Pay off your credit cards \u2013 or else!<\/h2>\n

Along the same lines, it\u2019s incredibly important that you pay off your credit card balance each month. If you fall behind on your credit card payments, you\u2019ll be charged interest \u2013 which is not what you want when you\u2019re already about to drop a large sum of money on your downpayment.<\/p>\n

If these accounts become delinquent, it can have a negative impact on your credit score.<\/p>\n

3 – Keep an eye on your credit utilization<\/h2>\n

Your credit utilization<\/a> is the amount of credit you\u2019ve used out of the total amount of credit that\u2019s available to you. The lower your credit utilization, the better!<\/p>\n

Here\u2019s how to find your credit utilization ratio: divide your total credit card balances by your credit card limits. For your total credit utilization, simply add up all your cards and lines of credit and divide them by your total credit limit.<\/p>\n

For example, let\u2019s say the balance of your credit card is $500 and your limit is $1,000. Your credit utilization for that card would be 50%. Banks and lenders like to see your utilization rate below 30%.<\/p>\n

So, while you\u2019re shopping the housing market \u2013 be careful not to make any big purchases, because your credit utilization may also affect your credit score. <\/strong><\/p>\n

4 – Raise your credit limit<\/h2>\n

You might think that asking your bank to raise your credit limit is a bad idea. But doing so can actually decrease your credit utilization ratio! If you feel that you\u2019re in control when it comes to your credit card spending, raising your limit might be a good idea.<\/p>\n

5 – Be cautious when seeking new credit<\/h2>\n

When you apply for new credit, such as a credit card or a mortgage,<\/a> the lender will make an inquiry about your credit to determine your creditworthiness (how likely you are to pay them back). This is a hard inquiry that will slightly negatively affect your credit score. Borrowell<\/a>, on the other hand, is a soft inquiry that doesn\u2019t affect your credit score.<\/p>\n

If you\u2019re on the house hunt, be careful not to apply for new credit, unless it\u2019s a mortgage of course. If you\u2019re shopping around for rates and have a lot of mortgage inquiries, the credit bureau will most likely count these as one inquiry if they are done in a short period.<\/p>\n

About Borrowell<\/strong><\/em><\/p>\n

Borrowell helps Canadians make great decisions about credit. With its free credit score and report monitoring, personal loans, and product recommendations, Borrowell empowers Canadians to improve their financial well-being and be the hero of their credit! Join the over 700,000 members who have checked their credit score<\/a> for free with Borrowell.<\/em><\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a scenario you don\u2019t want to be in: you\u2019ve shopped around and found the perfect house that checks off all the boxes. But your mortgage rate is high because you\u2019ve neglected to pay attention to your credit score in the months leading up to your big purchase. Sounds like a bad dream, doesn\u2019t it? This […]<\/p>\n","protected":false},"author":75,"featured_media":15912,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[1158,487,468,1165],"tags":[],"class_list":["post-15909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-advice","category-guest-posts","category-mortgages-2","category-other"],"yoast_head":"\nHow To Improve Your Credit Score Before Buying a Home<\/title>\n<meta name=\"description\" content=\"Your credit score matters when shopping for a home. 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