As buyers begin their search for a home, there are a few items they can do to help get their mortgage loan application approved with the best possible terms (continued): 3. Credit Score Optimization Do your best to limit your use of credit as it relates to your available credit lines. Target a cap of 30% of usage of available lines to get the best scores. Do NOT cancel credit cards. That will lower your amount of available credit, thereby raising your percentage of usage. That will damage your score. Do NOT shop for a car, explore life insurance, apply for a new credit card or increase the limits on your current cards because the running of your credit by people in other industries will also lower your credit score. Most importantly, don’t do anything that will require having your credit run without first discussing it with a mortgage professional who knows the impact it could have.
Posted on: Thu, 06 Jun 2013 22:00:01 +0000
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