Thursday, January 7, 2010

How Your Credit Score Impacts Your Mortgage Payment

Check out this chart that demonstrates an example of how your credit score impacts your monthly mortgage payment.
How can you improve your credit score? Here are some tips, from our friends at BALANCE:
1) Obtain copies of your credit report from all three major credit reporting agencies to check for and correct errors.
2) Pay down your debt. If you can't pay the total balance each month, pay more then the minimum required payment.
3) Pay on time, every time
4) Avoid aggressively transferring balances to new cards.
5) Keep your credit card balances well under the maximum available limit.
6) Only apply for the credit you need and close cards you don't use.
7) Repay collection accounts, judgments, and liens.

Read more about credit scores and how to improve your credit score.

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