How to Get Your Credit Report Before You Apply for a Mortgage Loan

If you’re going to apply for a mortgage loan, you’ll need to know what your credit looks like first – that way, you can take steps to clean it up or dive right into the application process.

Either way, you have to start somewhere. Here’s how to get your credit report before you apply for a mortgage loan.

Experian, Equifax and TransUnion are the three major U.S. credit bureaus. Each has its own credit scores and reports. Typically, lenders look at your FICO® score before making a lending decision (but more on that later).

The Federal Trade Commission requires the three major credit bureaus to give you a copy of your credit report once a year, upon request. You can access your credit reports through AnnualCreditReport.com, the only authorized website for free credit reports. These reports do not include your credit score – they just show you what accounts you have open and your balances owed.

You should also sign up for a site like Credit Karma, which lets you monitor changes to your credit report each week. (You’ll have to look past all the “You qualify for this credit card now!” ads, but it’s definitely worth it.) Credit Karma shows you your credit scores, as well as all your open accounts and balances owed.

Your FICO Score

Lenders most commonly use your FICO (Fair Isaac Corporation) score to evaluate your creditworthiness. Five factors determine your FICO score:

Payment history (worth 35% of your score)
Amounts owed (worth 30% of your score)
Length of credit history (worth 15% of your score)
Credit mix (worth 10% of your score)
New credit (worth 10% of your score)

You can get your FICO score from many credit card companies (including Discover, American Express®, Citibank®, Chase and Walmart credit cards), but the catch is you must have an account. You can also get your FICO score from your bank, if you bank with Bank of America, Ally Bank or a credit union. Check with your financial institution to see if it offers your FICO score, even if you don’t see it listed here.

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If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

In the meantime, check out the most popular Lake City home searches by exploring the links below.

How to Get Your Credit Report Before You Apply for a Mortgage Loan