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Is Your Credit Score Needing a Boost?

By
Real Estate Agent with Keller Williams Realty CalBRE# 01308620

Is Your Credit Score Needing a Boost?

 

Fear not!  There are ways of improving your score!  It may not happen over night, but it is possible.

According to myfico.com, a person with a credit score of 720 can expect a rate of 3.7% on a 30-year, $300k fixed-rate mortgage.....someone with a score of 620-639 can expect a 5.07% rate.

Is Your Credit Score Needing a Boost?

As we all know, a low score will not get you a low rate, so there are many benefits to actively getting your score higher.  Making small but important changes could raise your score by as much as 100 points within a years time. 

The first thing to do is obtain all three of your credit reports.  AnnualCreditReport.com provides a free report once a year.  Carefully go thru each report and look for errors.  Payment history and amounts owed are the two major factors taken into account for your scores.  Late payments and collections will count against you.  Make a conscious effort to pay all bills on time and pay more than the minimum due.  This practice, if abided by, will help beef up your score.

Is Your Credit Score Needing a Boost?

You can also ask for a creditor that you have a good history with, such as a landlord or utility to report to the credit agencies on your behalf.

An improvement on your credit report could take anywhere from 4-18 months or more depending on the severity of your current report and the steps you take (and stick to) to improve your score.

 

Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

Great post I think I will take advantage of the free credit report for the year. Thanks for sharing the information.

Jun 14, 2012 06:26 AM
Cindy Hallas
Amerifirst Financial, Inc. - Scottsdale, AZ
Sr. Mortgage Loan Originator NMLS # 334571

Great info Emily!  Thank you!  :)

Jun 14, 2012 06:26 AM