My credit score is bad – how can I improve it?
You can work on each of the five areas detailed above that comprise your score. As you improve on these, your credit score will reflect that. UW Funding can work with you on improving your score toward taking out a mortgage.
How high of a score do I need to take out a home loan?
Generally speaking, 620 or higher – though this will differ between individuals, lenders, and mortgage programs.
I’ve never had any credit and I don’t have a credit score. Should I get a line of credit and work on having a good score?
In short, yes. Having a good credit score will allow you to do lots of things – like finance a car, rent an apartment, and purchase a home – for the lowest cost to you.