“If you would know the value of money, go and try to borrow some.” — Benjamin Franklin
Each month I host a Home Buyer Workshop with Darcy, a New Penn mortgage consultant (aka “loan officer”), who explains the intricacies of the mortgage process, as well as credit, do’s and don’ts. Intrinsic to this discussion is the all-powerful FICO credit score. Simply put, the higher your number the more borrowing power you have. Adhering to some basic principles can significantly improve your FICO score–which, by the way, affects more than just your mortgage. It directly impacts your car payment, credit card interest and insurance rates. If you have questions about your credit status or would like to run your credit score, shoot me an email and I’ll put you in touch with Darcy. She’s happy to answer your questions over the phone as a courtesy, or stop by my Home Buyer Workshop on June 25th for an in-person conversation (and tasty breakfast refreshments). You’ll come away feeling equipped to maximize your FICO score and borrowing power. Here are some quick credit do’s and don’ts, and for more explanation click on the articles below.
CREDIT DO: Bring, and keep, your open accounts current; Reduce your credit card utilization (the percentage of your available credit that you are using); Review your credit report, and dispute incorrect information; Don’t borrow money to build your score; Cut up temptation, but don’t close the account.
CREDIT DON’T: Miss a payment; Max out your credit cards; Take your time rate shopping; Forget to pay a medical bill.