How can you improve your credit score?

It's difficult and expensive for our clients to change their credit score between the time of deciding to purchase or refinance and loan approval.  With 1st Mortgages loan approvals being vailid for up to 120 days, there is no reason not to start preparing for your home financing today.  If corrections or improvements are needed to help you aquire the best home loan, our specialists are here to help provide guideance.

Our Loan Specialists will review the credit report information with you to make sure that the information contained in each of the three credit reporting bureaus is consistent and up to date. A copy of your credit reports is also available.  1st Mortgages believes that the more you know about your home financing and what it takes to complete, the more you will appreciate the professionalism of our representatives.

Note: Theoretically, if a series of credit reports is requested on your behalf during a limited amount of time, your score goes down until time passes without any inquiries. Changes in the law though have made "consumer-originating" credit report requests not count so much. Also, a series of requests in relation to getting a mortgage or car loan is not treated the same as a number of credit card requests in a limited time. This is because the credit bureaus, and lenders, realize that people request their own credit reports to keep up with what's on them, and smart consumers shop around for the best mortgage and car loans.

Unsolicited credit card solicitations in the mail don't count against your credit report, so don't worry.

The two main components of your credit score are your payment history and the amounts you owe. Bankruptcy filings and foreclosures, which can stay on your credit report for as many as 10 years, can significantly lower your score. It's never a good idea to take on more credit than you can handle.

Late payments work against you. It's extremely important to pay bills on time, even if it's only the minimum monthly payment.

Dont "max out" your credit lines. Since the size of the balance on your open accounts is a factor, lower balances are better.

It's said that by carefully managing your credit, it's possible to add as much as 50 points per year to your score.  Talk to a Loan Specialist for more  information.