Today in our Mortgage 101 series we are talking about ways YOU can improve your credit score!
First let’s take a look at about the different categories your score can fall in:
• Excellent Credit: 800+
• Very Good: 740-799
• Good: 670-739
• Fair: 580-669
• Poor: Below 580
Keep in mind that the above numbers are just a range and can vary based on what lender you are working with. Typically most lenders like to see borrowers at a minimum of a 620 credit score and the best interest rates typically go to those with a 740 credit score or above. Since Mortgage Explorers is a broker, we work we a variety of lenders to fit whatever financial situation you are in. But knowledge is power, and we always like to help our borrowers improve their credit score when we can!
So… How can I improve my score?
Easy Ways to Improve Your Score
• Pay Your Bills On Time
• Check Your Credit Score for Accuracy
• Keep account balances around 30% or below your total credit limit
Use Credit Cards to Your Advantage
• Use Cards Regularly – Keeping your account active is key!
• Pay Them Monthly and On Time – Even if it’s not the entire balance.
• Manage Them Properly – By keeping your balance low.
Need more info? Feel free to fill out the below form to schedule your free consultation.
At Mortgage Explorers, We Say Yes! | Okemos Mortgage Broker