One of the most important things you can do to improve your chances of getting a home mortgage financing is to improve your credit score. This is increasingly important because mortgage lenders are tightening their requirements, and in order to get qualified for home mortgage financing, you will need a better credit score.
Pay down credit card debt to improve your credit score
One of the most effective ways to improve your credit score is to pay down your credit card debt. Over at All Financial Matters, it is recommended that you try to get your credit card debt down so that you only owe 30% of your available balance.
The closer you are to your limit, the lower your credit score will be. Credit card companies normally report your score to the major bureaus every 30 days or so, so if you take the initiative and pay down your credit card debt, you could see an improvement in as little as a month -- usually 60 days at most.
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