If You Want A Better Mortgage Rate Read Credit Scoring Basics
Mortgage pricing is now paying more attention to credit scoring. Since credit scores are now more important , it is vital that you locate and review your credit score. If you learn how the credit scoring system operates, you can make it work for you. The web site my FICO.com is a great place to start.
Published by credit scoring powerhouse Equifax, myFICO.com give you information right from the source. There are tens of pages of tips and tricks from which everybody can learn.
Following are some of the basics:
Remember the number 30: Credit card balances should hold steady at no more than 30% of the card limit. The credit bureau believes that you are responsible with use of credit if this is your situation. If you consider consolidating several credit card balances into a single card, be careful of the single card limit because overloading could hurt your score.
30 Is The Magic Number: Holding your credit card balances below 30 percent of their respective limits shows an ability to manage credit responsibly. Before consolidating multiple credit cards onto one credit line, consider that card's credit limit. Overload it and the consolidation could hurt your credit score.
30 Is An Important Number: Credit card balances should remain below 30% of their limits. This says to a credit bureau that you are responsible with credit. Think carefully if you plan to consolidate multiple credit cards into one. Be aware of the single card's limits. Overloading the card could hurt your score.
History Is The Best Teacher: Don't close unused credit cards. Having a credit "history" accounts for 10 percent of your score.
The web site mentioned can provide more suggestions to help you. Take a proactive approach because this year it is expected that there will be added credit score adjustments to mortgage rates You need to find out what the issues may be with your current credit score and take the appropriate steps to fix your score.
We all want the best mortgage rate possible, but are not always clear about the best way to get credit scoring formation . Please speak with your loan officer about getting the personal information that you need.
Published by credit scoring powerhouse Equifax, myFICO.com give you information right from the source. There are tens of pages of tips and tricks from which everybody can learn.
Following are some of the basics:
Remember the number 30: Credit card balances should hold steady at no more than 30% of the card limit. The credit bureau believes that you are responsible with use of credit if this is your situation. If you consider consolidating several credit card balances into a single card, be careful of the single card limit because overloading could hurt your score.
30 Is The Magic Number: Holding your credit card balances below 30 percent of their respective limits shows an ability to manage credit responsibly. Before consolidating multiple credit cards onto one credit line, consider that card's credit limit. Overload it and the consolidation could hurt your credit score.
30 Is An Important Number: Credit card balances should remain below 30% of their limits. This says to a credit bureau that you are responsible with credit. Think carefully if you plan to consolidate multiple credit cards into one. Be aware of the single card's limits. Overloading the card could hurt your score.
History Is The Best Teacher: Don't close unused credit cards. Having a credit "history" accounts for 10 percent of your score.
The web site mentioned can provide more suggestions to help you. Take a proactive approach because this year it is expected that there will be added credit score adjustments to mortgage rates You need to find out what the issues may be with your current credit score and take the appropriate steps to fix your score.
We all want the best mortgage rate possible, but are not always clear about the best way to get credit scoring formation . Please speak with your loan officer about getting the personal information that you need.
About the Author:
With unprecedented problems in the credit markets it's more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.
posted by Credit Counseling at
5:56 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home