Monday, February 26, 2007

Credit Scores 101

As everyone knows, mortgage lenders review your credit scores when they are making a decision to lend on a home. Each of us have 3 credit scores, and most lenders use the middle score. What many of us don't know, is how these credit scores are computed, and how we can raise our own score. One of the fastest and easiest ways I've seen to raise your score is to pay down your revolving credit. Don't close it, just pay down those credit cards as far as you can. You may see a jump in your score of 10-40 points in just one month. Of course, paying your bills on time is the best way to insure good credit!

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