How Do You Fix A Bad FICO Credit Score For A Home Loan?
When purchasing a new mortgage or home loan, borrowers must meet certain credit score requirements. For a government mortgage, such as a FHA, USDA or VA, the minimum credit score is 580. For a conventional mortgage, the minimum allowable credit score is 620. To fix a bad FICO credit score for a home loan, take a few simple steps and keep record of your work to ensure the score rises over time. Get a copy of your credit report to determine what work must be done to raise your FICO credit score. By federal mandate, each person can get one free credit report per year from AnnualCreditReport.com. Provide the site with your full legal name, date of birth, Social Security number and credit card information. Comb through your credit report for errors. Report any immediately to the credit bureau through the website. Keep a record of all communication with the credit bureau. Note that the credit bureau has 30 business days to respond to requests via email. Highlight any negative items. These in