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Shopping for a mortgage? TOP 5 ways to boost your credit score!

Posted on March 07, 2016

There are 3 personal digits that say you are a top shelf applicant or a bottom feeder, roll-the-dice risk. From your lender to your landlord these 3 numbers define what you get and at what price! DON’T mess around with them, it can come down to whether or not someone will be doing business with you.

And this is how it breaks down:

750 and up: You are king of the credit world. You will get the best interest rates on your loans, the offers for credit will continuously roll in.

710-750: You don’t get to sit in the VIP lounge but you qualify for competitive offers and most likely you will have no problems.

650-710: Platinum status has moved passed you but approval is easy at this level.

580-650: Meh, you qualify for credit at B or C rates with ok if not iffy terms.

580 and below: Ouch, brace for frigid responses to your inquiries, most likely denial and searching out loan sharks.
On the bottom end of this scale? Here’s how you turn this around:

1.Concentrate on performance factors! Payment punctuality accounts for 65% of the scoring equation! Pay on time as recovering from a 90 day late payment can be as damaging to your score as a bankruptcy!! joke.

2. Keep your balances low. Use 35% or less of your credit line to avoid the lenders   ire. 0% would be optimum after every billing cycle.

3. Get more credit for your history. Don’t close those old accounts! Even if you never use them, cancelling lies of available credit hurts your credit utilization ratio. Use that old Hudson Bay card every 6 months to buy something small.

4. GET RID OF THAT DEBT. Pay off no-money-down loans asap! Use a home equity loan which has less impact than your credit card balances.

5. Make sure its not a typo! Consumer watchdogs reports that as many as 80% of credit reports contain errors and sometimes super significant errors that directly affect your score.

If you start following these rules you will earn your gold star in no time flat!