Credit Campaign, Helpful Tips, Personal Finance, Views You Can Use

How To Improve Your FICO Credit Score – Fact and Fiction

October 19, 2012 by · Leave a Comment 

The U.S. housing market recovery is underway. New home sales are at a multi-year high, housing starts are at pre-recession levels, and home builders plan for a strong 2013.

Since late-2011, falling mortgage rates have boosted buyer purchasing power. Now, today, in many U.S. markets, the number of active home buyers outnumbers the number of active home sellers. It’s among the reasons why home supplies remain scarce and why home prices are rising.

Roughly 20 percent of today’s home buyers purchase homes with cash.

Click here to apply for your FREE home loan approval.

Click here to apply for your FREE home loan approval.

For everyone else, the ability to gain mortgage approval depends on income, assets, and, most importantly, credit scores. Your credit score is a predictor of your future payment performance, probability of default and lenders pay close attention. 

If you plan to buy a home in Schererville Indiana or anywhere else in the next 12 months, spend some time with this The Today Show interview. It’s five minutes of practical credit scoring advice, including separation of credit score myth from credit score fact.

Among the credit scoring tips shared:

  • How to get your credit checked without harming your credit score
  • The value of using automatic payments with credit cards
  • How to use “old” credit cards to boost your credit score

Click here to apply for your FREE home loan approval.

You’ll also learn about utility companies and why you should never be late with payment.

As compared to August 2011, last month’s average, mortgage-financing home buyer’s FICO score improved 9 points to 750. The average “denied” mortgage applicant’s FICO score was 704. Clearly, standards are high. However, credit scoring is a system and, with time, you can improve your rating. 

Watch the interview and find ways to make your credit score better. With better credit comes better mortgage rates. If you would like to speak with our own local Certified FICO® Professional, contact James K Barath, CMPS® of GVC Mortgage, Inc. today at 219-662-0166 x21.

Click here to apply for your FREE home loan approval.

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