Tuesday, July 19, 2011

Your credit score (FICO)

I'm off to the office so I'll make this short and sweet with the help of MSN Money.

Craig Watts says it best when he says: "So, to get a good score, you mostly need a credit history with no reported late payments, as well as low reported balances currently on any credit cards." 

When buying a house, a high score is important in giving you many lending opportunities and the best interest rates. Before buying a home, remember to not incur new credit or borrow against your credit cards. Keeping the balance lower than 50% of your limit is a good idea. Once you meet with the lender and you receive a pre-qual or a loan approval, do not do anything with your credit, don't even buy a new cell phone plan as the inquiries put a dent in your score.  Ok gotta go!

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