How can you improve your credit score?
By making your credit card, mortgage and automobile payments on time. Have you heard the myth. "It's virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply". Note: we can update derrogative information directly to the bureau's or indirectly by verbal verifications from your creditors within 24 - 48 hours. Your FICO'S maybe recalculated to reflect the new changes within 24 - 48 hours of the corrections. Note Chapter 13 Bankruptcy does not prevent you from buying a home. Call for details. One day discharged from Bankruptcy with a 600 middle score (minimum of 3 - 4 trade lines) will qualify you to buy a home, 100% financing available. Call for details.
GO TO "CREDIT SCORE WIZARD" for your "Credit Analyzer" this will let us review your credit report and decide the best way to resolve old or new information that may be incorrect. You should at least once or twice per year review your credit report. Make sure that the information each of the three credit reporting bureaus has on you is consistent and up to date.
Note: Theoretically, if a series of credit reports is requested on your behalf during a limited amount of time, your score goes down until time passes without any inquiries. Changes in the law though have made "consumer-originating" credit report requests not count so much. Also, a series of requests in relation to getting a mortgage or car loan is not treated the same as a number of credit card requests in a limited time. This is because the credit bureaus, and lenders, realize that people request their own credit reports to keep up with what's on them, and smart consumers shop around for the best mortgage and car loans.
Unsolicited credit card solicitations in the mail don't count against your credit report, so don't worry.
The two main components of your credit score are your payment history and the amounts you owe. Bankruptcy filings and foreclosures, which can stay on your credit report for as many as 10 years, can significantly lower your score. It's never a good idea to take on more credit than you can handle. Go to "CREDIT SCORE FACTORS".
Late payments work against you. It's extremely important to pay bills on time, even if it's only the monthly payment.
Don't "max out" your credit lines. Since the size of the balance on your open accounts is a factor, lower balances are better. Maintain at least a 30% balance against your allowed credit limit. Example: $1,000 credit line = $300 balance = greatest score factor.
It's said that by carefully managing your credit, it's possible to add as much as 50 points per year to your score. Thank you for coming to 1st USA Mortgage Corp.
