Having an excellent credit score is very useful. The following are some tips on how to maintain a superb credit score. Open Credit Accounts When You Do Not Need Them If you don't have any credit accounts, you will have a low score. The best time to open them is when you do not need them. Keep a small balance on them and pay it all off at the end of each month to avoid paying interest. Charge Up To Half The Credit Limit Then Pay It All Back Within A Few Months If you must use a credit line, only use half of it … (2 comments)
credit score: Understanding the Factors That Impact Your Credit Score
- 06/28/18 07:55 AM
Most consumers believe if they pay their bills on time, they need not worry about their credit score. Oftentimes, it is a rude awakening when they apply for a mortgage loan, car loan, or any revolving credit to learn they are not going to get the lowest rates available due to their credit score. This is because paying bills on time only accounts for 35 percent of your credit score. The remaining 65 percent is spread out among other factors that impact your credit score. Credit Usage and Impact on Score Nearly one-third, 30 percent, of your credit score is based on … (4 comments)
credit score: How To Boost Your Credit Score Before Applying for a Mortgage
- 02/20/17 02:25 PM
There are a variety of factors that are involved in getting your mortgage approved, but few things will have more impact than your FICO score and the credit history that goes along with it. Instead of leaving your score up to chance when submitting your application, here are a few ways that you can boost your financial well-being. Put More On Your Card It's important to put purchases on your credit card that you can afford to pay off consistently. But many people are not aware that how much debt you owe can actually contribute in a positive way to your credit … (1 comments)
credit score: Credit 101: Improving Your Score
- 09/28/16 02:51 AM
If you're worried about your bad credit, you'll want to do everything in your power to improve your rating as quickly as possible - especially if you are looking to purchase a home in the near future. Furthermore, improving your credit rating can give you access to better interest rates on mortgages or even help you get that job you're after. IMPORTANT! If you are currently involved in a home loan transaction, speak with your trusted mortgage lender before taking any action regarding your credit! So how can you boost your FICO score quickly and easily? Here's what you need to know. Get Your … (9 comments)
credit score: How to Shop for a New Mortgage Without Harming Your Credit Score
- 09/29/15 03:42 AM
It's difficult to begin shopping around for a new mortgage without the facts on how this can affect your FICO score. Anybody who is holding off for fear that their credit score will be ruined by multiple credit checks has nothing to worry about. Mortgage brokers require this information to give an accurate quote, so many credit checks by different companies will have a miniscule effect on credit scores. The system has been designed this way because a mortgage is not considered to be 'bad debt' by lenders and consumers should have the right to shop around without fear of their credit being … (1 comments)
credit score: Will Missing Mortgage Payments Impact My FICO Score?
- 08/11/15 06:43 AM
If you're like most homeowners, you probably believe that one missed mortgage payment won't have a noticeable impact on your FICO score. People get behind now and then, and besides, you've been faithfully making payments on time for years. How bad could it be? In truth, even one missed mortgage payment could seriously damage your FICO score. Lenders can report missed monthly payments whenever they choose - they don't need to wait until a certain date to do it. That means even if your mortgage payment is a few days late, your lender may report it as unpaid. So what exactly happens to … (1 comments)
credit score: Understanding Mortgage Lenders and How They Assess Your Credit
- 04/14/15 09:24 AM
One of the most significant factors a mortgage lender will review when you apply for a new mortgage loan is your credit history and rating. While some people have stellar credit, others have a troubled credit history with lower scores. If you fall into the latter scenario, you may be wondering how lenders will assess your credit situation when you apply for a mortgage.
Reviewing Your Credit Scores Initially, lenders will review your credit report to determine your credit scores. Your scores will have a direct impact on the interest rate that you qualify for or if you qualify for a loan at … (0 comments)
credit score: On-Time Mortgage Payments Can Seriously Improve Your Credit
- 04/02/15 05:30 AM
The unfortunate reality is that many individuals have a lower credit rating than they would like. For many, this is caused by issues related to high debt balances, late payments and other related issues. If you have a lower credit rating, you may be wondering what steps you can take to improve your standing with the credit bureaus. While there are several steps available for you to consider, making timely payments on your home mortgage can have a great impact on your credit. There are four unique ways that diligence with your mortgage payment may improve your credit.
Showing Financial … (1 comments)
credit score: Three Ways Your Credit Score Affects Your Mortgage
- 07/15/14 12:43 AM
If you're thinking of buying a home, you've probably been thinking a lot about your credit score as well. Credit scores control so much of what we do in the world of finance, but what does your credit score really have to do with your mortgage? Here are three ways that your credit score could impact your mortgage application.
Your Credit Score Affects Your Ability To Get A Mortgage The first thing your credit score tells a lender is whether they should lend to you. In some cases, if you have a very low credit score, you may not be … (3 comments)
credit score: Understanding Your Credit Score And How It Impacts Your Home Ownership Prospects
- 06/11/14 12:56 AM
Your credit score is an important part of your financial profile. It has a direct impact on your ability to take out loans. The score itself is a numerical reflection of your credit history. It gives lenders a way to discern your reliability before approving a loan such as a mortgage. Though this is the basic function of a credit score, it can also have a far-reaching influence over other aspects of home ownership.
Mortgage Loan Approval: Will Your Score Make the Cut? First and foremost, the status of your credit score is a deciding factor in whether or not … (0 comments)
NMLS ID: 247026
Colorado Mortgage License: 100019059
Benchmark Mortgage, Ark-La-Tex Financial Services, LLC NMLS ID 2143. Equal Housing Opportunity. This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. Colorado Mortgage Company Registrant – Regulated by The Division of Real Estate #2143
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