Your FICO credit score plays a key role in your ability to apply for a low interest mortgage. The higher your credit score, the more lenders are able to offer you a competitive rate on your loan. For those who are looking at buying a new home, it’s important to prioritize fixing your credit score in order to ensure that you receive the best rate possible.
How to Boost Your Credit Score Fast
Many of the factors that play a role in your credit score are difficult to fix overnight. For example, an estimated 35% of your credit score is based on making regular, on time payments. 15% is based on length of credit history. These are factors that are difficult to change overnight.
But there are other components to your credit score that can be improved right away, and making these changes can have an immediate, noticeable impact on your overall credit. These include:
These ideas can help you boost your FICO score quickly, in advance of your mortgage application. While there is no quick fix that can make up for bankruptcy, missed payments, and collections on your account, these small changes have the potential to boost a credit score fast in advance of your loan application.
For more information about what you can do to get a better rate, call to speak to one of our loan originators today.
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