Home Buying & Credit Scores

Your credit score plays a crucial role in securing a mortgage, yet many myths about it can cost you your dream home. One common misconception is that checking your own credit score will lower it—this is false! Soft inquiries, like checking your own score, have no impact, while only hard inquiries from lenders may temporarily affect it.

Another myth is that closing old credit accounts improves your score, but in reality, it can shorten your credit history and reduce your available credit, which may lower your score. Additionally, many believe you need a perfect score to get a mortgage, but most lenders offer competitive rates to buyers with scores in the mid-600s or higher.

Understanding these myths and taking the right steps to maintain a healthy credit score can make all the difference in securing the best mortgage rates and achieving homeownership.

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