As you prepare to buy a home, you may be considering different mortgage options to finance the property purchase. Before approving you for a loan, most mortgage companies examine your personal details to determine if you qualify and can pay them back. 

One of the major areas they turn to before deciding if you qualify is your credit score. This is why it’s vital to boost your credit score as much as possible before applying for a mortgage loan. 

Pay down credit card debt

Credit card debt comprises a considerable portion of your credit score, so keeping your balance low is crucial. It’s the second most important component of your credit score. 

It’s advisable to use less/pay down the amount owed to less than 30 percent of the total credit limit. This way, when your debt info is sent to the credit bureaus, your score will be higher in comparison to using a higher percentage of your credit limit. 

Increase your credit limit 

Increasing your credit limit is a quick way to increase credit score, as it lowers the percentage of credit you’ve used on the card. 

Paying bills on time and your income plays a considerable factor in being approved for this limit increase. 

Ask someone you trust to become an authorized user

If you have an acquaintance with great credit and a credit card with a high limit, consider asking them to add you to their account as an authorized user. 

By doing this, you can piggyback off their high account limit, which positively affects your credit score because it appears you’ve only used a small portion of credit. 

By utilizing the methods above, you can quickly boost your credit score and move towards mortgage approval.