How to Improve Your Credit Score Before Applying for a Mortgage
Check your credit report through CRC Credit Bureau or FirstCentral Credit Bureau using your BVN — you're entitled to one free report annually from each, and every Nigerian bank is required to report to at least two of the three licensed bureaus.
Dispute any errors on your report — wrong loan balances, accounts that aren't yours, outdated statuses — at least 60 days before your mortgage application, since corrections can take time to process.
Pay down existing loan and credit card balances as much as possible before applying; a high outstanding balance relative to your limit signals risk to mortgage lenders reviewing your file.
Clear any overdue payments and avoid late payments in the months leading up to your application — repayment history, including how many days late any payment was, is the single biggest factor in your score.
Avoid taking on new loans, credit cards, or salary advances right before applying, since each new inquiry and credit facility is recorded and can affect how lenders view your application.
Ensure your BVN-linked details — name, phone number, and address — are accurate and consistent across your bank and bureau records, since mismatches can flag identity issues and slow down your mortgage approval.
Dispute any errors on your report — wrong loan balances, accounts that aren't yours, outdated statuses — at least 60 days before your mortgage application, since corrections can take time to process.
Pay down existing loan and credit card balances as much as possible before applying; a high outstanding balance relative to your limit signals risk to mortgage lenders reviewing your file.
Clear any overdue payments and avoid late payments in the months leading up to your application — repayment history, including how many days late any payment was, is the single biggest factor in your score.
Avoid taking on new loans, credit cards, or salary advances right before applying, since each new inquiry and credit facility is recorded and can affect how lenders view your application.
Ensure your BVN-linked details — name, phone number, and address — are accurate and consistent across your bank and bureau records, since mismatches can flag identity issues and slow down your mortgage approval.
- Tips
- First-Time
- Finance
- Credit Score Nigeria
- CRC Credit Bureau
- FirstCentral Credit Bureau
- BVN
- NHF Mortgage
- Mortgage Financing
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Comments (1)
Should I pay off my car loan before applying?
Not necessarily — focus on overall debt-to-income ratio first.
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