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| Basic Credit Scoring Tips For A Better Mortgage Rate |
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| Written by Rob Kosberg |
| Tuesday, 20 January 2009 14:59 |
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The right time to review your credit scoring is now because the credit score is becoming more important for mortgage prices. You can make the credit system work for you if you have the knowledge of how the system works. For research or review look at myFICO.com Equifax is one of the primary credit bureaus and is the publisher of my FICO.com. This site provides a wealth of suggestions, tricks and tips that will help you figure out the credit scoring system. Check out the following 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. You Have A Friend In The Trend: The credit bureaus smile on "on time" payments. If you have a record of paying on time, you are likely to continue the pattern . If you're late, catch up right away. This is the biggest portion of your credit score at 35 percent. 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. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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