The Best Way To Increase Your Credit Score... Episode 321

The Best Way To Increase Your Credit Score... ...and get the best possible interest rate on your home loan is to understand how the credit bureaus actually determine your score if you knew the answers to the test would it be possible to do better on it? I think that we can all agree that the answer would be yes there are a number of places to check your credit online without having a hard inquiry that lowers your score several different credit models exist that lenders use to qualify borrowers for things such as car loans, store credit cards, insurance and yes for home loans to buy a house the credit bureaus will take into account a large number of things in order to determine how risky (or not risky) a borrower might be on time payments length of credit history types of credit in use overall percentage of credit balance vs the limit late payments collections charge offs foreclosures bankruptcy are among the most common things reviewed when applying for a mortgage its very common for all credit inquiries in a 30 day time period to count as 1 credit hit as buyers are allowed to "shop rates" today's show gets down and dirty with the details and offers a number of helpful tips to get a boost in your credit score