Do you ever get annoyed when the checkout gal at the mall asks if you want to save 10–20% today by opening a store credit card? Like, do they really have no idea what they’re asking? They’re suggesting you mess with your credit just to save maybe 40 bucks.
I know, because I fell for it.
In my early 20s, I had a Victoria’s Secret, Macy’s, and Sears card—because why not, right? They made it sound like such a great deal. Fast forward to when I bought my first home, and I realized just how not great of a deal it was. When I decided I didn’t need or want those cards anymore, I closed them. Big mistake. That dinged my credit because creditors don’t just care about how much credit you have—they also care about how long you’ve had it.
And let’s be real—nothing about finances and credit in America makes sense.
That’s why it’s important to know these little things—because whether you realize it or not, your credit score impacts your future, borrowing power, and your ability to buy a home. And while we’re busting myths, let’s talk about one of the biggest ones out there:
The Myth: You Need a Perfect Credit Score to Buy a Home
If you’re sitting there thinking, "I’d love to buy a home, but my credit isn’t perfect," you’re not alone. A lot of people assume you need an impeccable score to even think about buying a house. But get this—according to Fannie Mae, only about 32% of potential homebuyers actually know what kind of credit score lenders are looking for.
That means two-thirds of buyers are in the dark—and most assume they need a much higher score than they actually do.
The Reality: Perfection Isn’t Necessary
Here’s the truth: You don’t need a perfect credit score to buy a home in Spokane. In fact, lenders aren’t looking for perfection—they’re looking for borrowers who have and use credit responsibly. That means you actually need to have credit, and ideally, you should have more available credit than you’re using.
Like me with my store credit cards, I didn’t realize at the time that closing accounts actually hurt my score. Why? Because creditors look at:
✅ Your credit history (How long have you had credit?)
✅ Your credit utilization (Are you maxing out your cards or keeping a balance under control?)
✅ Your payment habits (Are you making payments on time, every time?)
So if you don’t have credit, you can’t build credit. And if you’re maxing out your cards? Lenders see that as a red flag.
Pro Tip: Increasing your credit limit can instantly improve your credit score because it lowers your credit utilization ratio. Just don’t rush to open new accounts—too many at once can actually hurt your score.
Simple Ways To Improve Your Credit Score (And Your Home Loan Options!)
If your credit score isn’t where you want it to be, don’t stress. I’ve been there, and the good news is, there are easy ways to improve it:
1. Pay Your Bills on Time (Every Time!)
Late payments are one of the biggest credit killers. Set up automatic payments for your credit cards, utilities, and loans so you never miss a due date.
2. Keep Your Credit Utilization Low
Using more than 50% of your available credit can make you look risky to lenders. Aim to use no more than 30% of your total credit limit—and if you can keep it under 10%, even better!
3. Pay Your Credit Card Bill Twice a Month
Most people pay their credit card once a month, but did you know paying it twice can boost your score? It reduces the balance reported to credit bureaus, which helps lower your utilization ratio.
4. Don’t Close Old Credit Cards
Got a credit card you don’t use? Keep it open! Like I learned the hard way, closing it can actually hurt your score by reducing your overall credit limit. Instead, keep it active with a small purchase every few months.
5. Increase Your Credit Limit
Call your credit card company and ask for a credit limit increase. A higher limit means you’re using a lower percentage of your available credit, which looks great to lenders. Just don’t go on a spending spree with that extra credit!
6. Hold Off on New Credit Applications
If you’re planning to buy a home soon, don’t open new credit cards or take out new loans. Multiple hard inquiries on your credit report in a short period can drop your score.
Bottom Line: You Can Buy a Home in Spokane Without Perfect Credit
I know firsthand how confusing credit can be. I also know that buying a home doesn’t require a flawless score—just smart credit habits. The biggest mistake you can make? Assuming you can’t buy a home just because your credit score isn’t sky-high.
The best way to know where you stand? Talk to a lender who can help you navigate your options. Whether you’re ready to buy now or need a little time to fine-tune your credit, having a plan in place will put you in the best position when the time comes.
Thinking about buying a home in Spokane? Let’s chat about your options and get you on the right path!
Email ([email protected]) or call 509.475.9075 to start a conversation.
