Your Credit Score Is Important

Now that the mortgage industry is going through another revamping, it's becoming more and more difficult to get a mortgage. It's also more difficult to get a GOOD INTEREST RATE!

In a nutshell, the higher your credit score, the lower your interest rate will be. There are a number of things that you can do to increase that all important number.

#1 PAY OFF YOUR PAST DUE BALANCES - The important balances are those that are past due today or within the past two years. Get them paid off and your credit score will improve.

#2 KEEP SOME CREDIT CARD ACCOUNTS OPEN - Your credit score is based upon your credit history. Even if you don't use the card often, keeping it open and paid up will help your score. It's important, also, if you keep a balance on the account that you stay below 30% of your credit limit. If staying below 30% is not possible, consider requesting a higher credit limit on the account.

#3 WATCH FOR ERRORS ON YOUR CREDIT REPORT - Yes, sometimes credit reporting agencies make mistakes on individual credit reports or don't have up to date information on balances that are paid. If you notice a mistake, contact the credit bureau and request that they make the necessary changes to your credit report. You will need to prove to them that you did actually pay the amount due. They must rectify the error within 30 days.

These few steps will help to get and keep your credit score higher. Work diligently on these and the next mortgage you apply for will most certainly be lower with your new, higher credit score!!!

Good luck!
Irene Jans
Winter Park Partners, team