FICO
7 Ways To Protect Your Credit Score For Better Mortgage Rates
February 5, 2010 by · Leave a Comment
As mortgage lenders tighten approval standards in Illinois and nationwide, the importance of a good credit score is rising. Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.
In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit — often by accident. Some of the highlighted mistakes include:
- Closing open credit cards
- Making appliance buys on credit prior to closing
- Asking creditors to lower credit balances prior to closing
In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores. Below 740, though, every 20 points adds to the damage. Watch the video and apply what you can to your own situation. The more you know, the more you can save.
For Rita, real estate runs in the family. A native Chicagoan, she grew up as the daughter of a Chicago real estate developer, and learned more about the many neighborhoods of the city than most residents do in their lifetime. 
