Five Ways To Improve Your FICO Credit Score, Get Lower California Mortgage Rate
Released on = April 6, 2006, 12:00 pm
Press Release Author = Camelot Marketing
Industry = Financial
Press Release Summary = Improve your credit
score to receive a lower California home mortgage loan rate.
Use these five simple ways to increase FICO credit score.
Press Release Body = Over 30 million people in the U.S.A. have credit
scores low enough (less than 620) 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. The
best known is called the FICO score, developed by Fair Isaac and
Company (FICO). A FICO credit score can range from 300 to 800. Most
borrowers fall into the 600-800 credit score range.
A high FICO score is your reward for paying bills on time. This
is one of the most important factors that determine your California
home mortgage loan rate 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”? Here are 5 ways to boost your FICO credit
score.
1. Paying your bills on time is the first step in improving your
FICO credit score. Late payments can have a big negative impact
on your FICO score, 30 days or more late on one account can lower
your FICO score 50 points or more.
If you don\'t like writing checks, go online and automate your bill paying.
2. Don\'t max out your credit
cards. The smaller balance gives you a wider difference between
your balance and your credit limit.
Also, if you are planning to purchase a new car or other major item,
wait until you get that low mortgage loan rate.
3. If you are sincerely interested in improving your FICO credit
score, bankruptcy MUST be avoided! Bankruptcy
is more negative than late payments or collection accounts.
4. Get credit counseling if you have too much debt and begin to
fall behind, or can\'t see a way out.
5. Keep old paid off accounts in an open status. If you close an
account, it won\'t help your FICO score but it could lower your
credit score.
If you close an old account it could make you look like a “rookie”
in the credit world. A factor in obtaining credit is how long you\'ve
had credit.
If your FICO credit scores are over 620, but you want to raise it,
obtain a copy of your credit
report and request that the credit bureau remove any errors.
About GoldMedalMortgage.com
GoldMedalMortgage.com provides a variety of mortgage solutions including
first time home buyer home improvement loans, home equity loans,
and debt consolidation loans through their partners.
For more information about California home mortgage loan rates or
to improve FICO credit score please call 866 398 4664 or go to http://www.goldmedalmortgage.com
Web Site = http://www.goldmedalmortgage.com
Contact Details = Keith Hunt
8190 Orchard Street
Alta Loma , 91701
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2008
