Most lenders nation wide require a minimum credit score of around 620 or higher. By doing this, they eliminate roughly 30% of the total amount of consumers looking for homes. The remaining 70% can and will qualify for a loan, but their score needs to be above 740 to access the best rates advertised. If your credit score is around the mid 600s to mid 700s, your rate will most likely be adjusted according the company guidelines.
So you ask yourself, how can I possible raise my credit score and maintain it?
1) DO NOT CLOSE CREDIT CARD ACCOUNTS
-These are great sources of positive credit and you will be deleting them
2) PAY YOUR BILLS ON TIME
-Even if you have to pay the minimum one month, do not miss a payment!
3) TRY NOT TO OPEN NEW CREDIT ACCOUNTS OR TRANSFER LARGE AMOUNTS OF FUNDS
-This is negatively looked at by the credit bureaus relating to instability
4) KEEP YOUR ASSETS HIGH AND DEBTS LOW
-Never have credit cards maxed out when qualifying for a loan