Build Your FICO SCORE Tips!

 Picture -Courtesy of www.azmortgageguru.com

I attended a credit seminar recently and I learned some new and very exciting information. It use to be the case that we had to caution our clients that if they applied for a mortgage loan with more than one source puling their credit report it would lower the Fico score 15 points per credit report ordered.

Well The FICO Score has no taken care of that problem....If you shop for a loan either automobile or mortgage loan within a 30 day period this means that Fico will only take one hit off your Fico that you can shop for score of 15 points.  Which means to the consumer different loans with in 30 Day period and not worry about a big drop in your FICO Score which is  a great relief to those consumers who like to shop.

Tips on How to Build your FICO SCORE: 

If you can help it never close a home equity loan that does the most damage to lowering you FICO Score.

In fact one portion of your score is accumulated by How long you have had credit. You should  always keep all credit accounts open. Never close an account.

To build your Fico score use your account once every 6 mos. Suggestion Charge a $25.00 bill and pay it off during that 30 days. This will keep your Fico Score building up. 

Another way to build your FICO Score, especially if you have a low score or suffered a bad debt period, have a relative add you to a loan or take out a loan with you.  This will give you a boost to your credit and their high Fico score.

Unfortunately, America is the only country in the world that you can have a bad 90 days and it will follow you for 7 years.

Please contact me for more information if needed.

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