Don' T Max Out Your Credit Cards

Category: Finance.

Over 30 million people in the U. A. have FICO credit scores low enough, that's less. than 640, to make shopping for low mortgage loan rates very difficult at. best.

The major credit reporting agencies use a slightly different system to. arrive at a credit score. A FICO credit score can range from 300 to 800, but most borrowers fall into the. 600- 800 FICO credit score range. The best known is called the FICO. credit score, developed by Fair Isaac and Company( FICO) . A high FICO credit score is your reward for paying bills on time. If you' ve had a few credit" bumps in the road" recently, and you' re asking. yourself, "How can I improve my FICO credit score" ? This is one of. the most important factors that determine your California home mortgage loan. rate. Here are 5 ways to boost. your FICO credit score: Paying your bills on time is the first step in improving your FICO. credit score.

If you don' t like writing checks, go online and automate your bill paying. Late payments can have a big negative impact on your FICO credit score. 30 days or more late on one account can lower your FICO credit score 50. points or more. Don' t max out your credit cards. Also, if you are planning to purchase a new car or other major item, wait until you get that low mortgage loan rate. The smaller balance gives you a wider. difference between your balance and your credit limit. If you are sincerely interested in improving your FICO credit score, bankruptcy MUST be avoided! Get credit counseling if you have too much debt and begin to fall behind, or can' t see a way out.

Bankruptcy is more negative than late payments. or collection accounts. Keep old paid off accounts in an open status. If you close an old account it could make you look like a" rookie" in the. credit world. If you close an account, it. won' t help your FICO credit score but it could lower your FICO credit score. A factor in obtaining credit is how long you' ve had credit. For more information on how to improve your. If your FICO credit scores are over 640, but you want to raise it, obtain a. copy of your credit report and request that the credit bureau remove any. errors.

FICO credit score please call 866 398 4664 or go to. http: //www. goldmedalmortgage. com/