By Diana Craft,
Senior National Loan Officer
PrimeLending, A PlainsCapital Company
http://save.primebenefit.com
©
2009 Good credit for most lenders begins around 680. Typically
a mid-score of 740 will get you're the best interest rate for either refinancing
or buying a home or car. Don't despair, if you come up shy. Increasing your score
just 5 points can save a significant amount of money. If your score is 698 and
you increase it to 703, then you could save yourself thousands of dollars over
time as a result of a slight improvement to your loan's interest rate. Even
if you have stellar credit, you can enhance your score through these steps: - Evenly
distribute your credit card debt to change the ratio of debt to available credit.
If you have debt on only one card, and four additional credit cards with zero
balances, evenly distributing the debt of the first card could move you closer.
- The
average consumer is usually anxious to close credit card accounts that have zero
balances, but doing this can cause them to lose the benefits of a long-term credit
history and increase their ratio of debt-to-available credit. The bottom line
is don't close those old accounts!
- Each inquiry into your credit
history can impact your score anywhere from 2-50 points. When it comes to mortgage
and auto loans, multiple lenders may request your credit report. Bureaus count
multiple auto or mortgage inquiries in any 14-day period as just one inquiry,
so try and stay within that time frame.
Addressing
credit issues can be uncomfortable to say the least. Remember, credit scores don't
change overnight. Improving them requires time and diligent effort, so get the
ball rolling at least three to six months prior to submitting your application.
Credit:
About the Author: Thinking of refinancing
into a lower interest rate, or taking advantage of the $8000 first-time homebuyer's
tax credit, give me a call 866-499-3029. Don't forget to ask about the PrimeBenefit
Program; and take advantage of major savings when buying or selling a home. PrimeBenefit
Program - You can now earn Cash Rebates each time you buy or sell a home. NBA
Representative:
Diana Craft
972-713-3226
dcraft@primelending.com
Related
Information: NBA
Benefit Provider - PrimeBenefit
Program NBA
Resource Article - How To Improve Your FICO
Score NBA
Resource Article - Organize
Your Banking Papers Reprint
of this article does not constitute an endorsement by the National Business Association;
the article is for informational purposes for our members and viewers of our Web
site. |
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