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How can I improve my credit score so I can have better mortgage buying power?

How can I improve my credit score so I can have better mortgage buying power?
Thanks,
Rosemary
rmrestivo@cox.net
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September 09 2012 - Walker
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Answers (4)

The best way to improve a bad credit report is to contact a professional who can put their expertise to work for you. [Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]


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September 09 2012
The best way to find out what needs to be done, is to meet with at least two mortgage brokers, so they can look at your credit profile and make recommendations.  Good luck!
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September 09 2012
Mortgage buying power is more determined on your debt to income ratio, in other words, the more income and less debt that you have, the more that you can afford. A higher credit score is always good, but it does not mean that you can buy more house. Also, the more you put down, the less the loan, which also increases how much home you can buy. A good start is to get with a good mortgage broker and see waht their opinion is. Also, if you need credit repair, there are good mortgage companies that will do that for free (they want your loan). Good luck.
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September 09 2012
It's a slow process, but start with getting a free report (if you have not done yet).

Check all items for accuracy (late payments, how many cards listed etc).

Tougher part: Increase income and/or reduce some of the outstanding debt. When your debt-to-income ratio improves, the creditworthiness should theoretically go up.

Maybe a little bit of investment in a knowledgable "credit repair" lawyer will help you in the long run. If the cc reporting companies violate some of the federal reporting laws, those items can be removed. See if you have that chance.

Raheel Shahzad, Attorney, CPA, Real Estate Agent
Lombard, IL
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September 09 2012
 
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