Chattanooga Loan Officers – How to Raise Your Credit Score

As a team of Chattanooga loan officers, we are well aware of the impact our clients’ credit can have on their mortgage options and approvals. Just like most people that are applying for a loan, we know that the higher your credit score is, the more choices you will have and the more likely you will be to get approved for the financing you need to purchase your home.

While raising your credit score won’t happen overnight, if you are worried your credit isn’t where it should be, there are some simple steps you can start taking today to work on improving it in time for your mortgage application.

The very first step is finding out what your credit score is. Once you check your credit score, you will know exactly where you are and how much improvement you need to make. This will also provide you with information on any outstanding debts or other issues with your credit that could prevent you from getting approved for your mortgage. It is important to check your score early so you have time to work on correcting these issues.

After you have checked your score and made a list of what needs to be fixed, now the work begins. From this point on, through the rest of your mortgage process, you will need to be vigilant with your credit and finances.

This doesn’t mean checking your credit daily or obsessing over every penny you spend, but it does mean you need to be mindful of both. You should be keeping an eye on your credit card balances and trying to keep them as low as possible. If your balances are already high, work to pay off as much of this debt as you can. This can be accomplished by applying payments to your account twice a month and paying off any new debt before interest is charged on it.

This concept should be applied to any bills you have. Use a calendar to make sure you are paying all your bills on time. As we mentioned in the case of your credit cards, this can help you avoid interest, and with your other bills, this will help you avoid any fees that may be associated with late payments. These fees can add up and could be used instead to pay off more of your current debts.

It is also important that as you pay off your debts, you make sure they remain on your credit. Removing old debts will also remove your history of payment on those accounts, which can actually hurt your credit score.

If you are interested in purchasing a home but aren’t sure how to check your credit or where your credit should be to qualify for the financing you need, give us a call today! Our trusted team of Chattanooga loan officers will be more than happy to help you figure out your financial situation and set realistic goals to accomplish your dream of homeownership!




Our Tennessee Team is back in the office and is ready to serve you; however we ask that visits are by appointment only and will not allow walk-ins at this time. If you would like to visit us in the office, please call (423) 893-8156 to schedule an appointment. Our West Michigan office is following the MI Safe Start Plan and Gov. Gretchen Whitmer’s requirement of working from home where possible.