Improve Your Credit Score Now

If you have ever applied for a home loan you know that your average credit score number is very important. Let's begin by recognizing a few basic facts that determine your credit score…

1.	Requesting your own credit report will not lower your score.
2.	Credit score numbers are determined by a variety of factors, not just one.
3.	The ratio of your current debt compared to your credit limit will affect your score. Generally the lower the ratio the better your score will be.
4.	Collection accounts, late payments and bankruptcies will stay on your credit report from 7 to 10 years.
5.	Late payment entries that are more recent will generally hurt your score compared to those from prior years. In other words, the passage of time helps your score increase.
6.	Credit scores you receive on-line often differ from your actual scores as reported by the three main credit agencies, TransUnion, Equifax and Experian. The on-line numbers you receive should be somewhat similar but rarely are exact.

How To Increase Your Score Now

1.	We have credit bureau software that performs a "What If" analysis on your most current credit report.
2.	This analysis identifies how many points your credit score can increase immediately by changing certain debt values.
3.	As an example, by paying down certain debts, your score can increase and we can determine how many points it should add.
4.	Most times just lowering your debt amount vs. available credit will increase your score. Generally, your score is negatively impacted when your debt balance on any one credit card is near it's limit. When you reduce the balance the score should increase. The "What If" simulator tells us which debts to lower for the best increase in credit score.
5.	Why is this important? If you have borderline credit, instead of settling for a higher interest rate because your score may be 15 to 20 points below a lenders cut off for a certain loan program, you can use this valuable tool to raise your score and take advantage of the lower interest rate.
6.	I have found that many people are not aware of this most important tool. Credit scores can decrease for a variety of reasons, sometimes for reasons beyond our control, but now there is help to quickly identify ways to increase the score and the "What If" software is by far the most effective. This is certainly something to consider before accepting a less than efficient loan because you've been told that "your credit" is the problem.

Yes, You have Ways To Increase Your Credit Score Without Paying
For A High Priced Analysis

If you are now in the market for home financing or refinancing, there are things you can do right now to add points to your credit score and you can do this for practically no cost at all. This is what the "What If" software program is all about.

An effective mortgage loan professional should have these tools available to determine what you need to do now to add points. Your mortgage professional should be able to answer one very important question …..How many points can I add to my credit score by paying down certain debts and/or correcting false entries?

Many borrowers discover that they can quickly increase their credit scores several points. This allows them to secure lower interest rates and opens up a larger variety of loan programs to choose from.

Anyone applying for a home loan, whether it be for a purchase or a refinancing, and especially those with borderline scores, can greatly benefit from this service. Many times a 20 point score increase can mean thousands of dollars in interest savings. Here is a simple example of the kind of savings I'm referring to…

• $400,000 loan amount at 6.25% interest only = $2,083.33 per month
• $400,000 loan amount at 7.0%  interest only = $2,333.33 per month

Being able to secure the 6.25% rate saves you $250 per month as opposed to the 7.0% rate. That equals $3,000 per year and $15,000 total interest savings over just 5 years. This demonstrates why a higher credit score can save you real money!

If you intend to apply for a new mortgage or refinancing right now, these tools have the potential to save you thousands of dollars in unnecessary interest expense and done correctly can be completed in less than a week.

Likewise, if you have plans for a new mortgage or refinancing in the next 3 to 6 months, these programs will show you right now what it is you need to work on to have the best possible credit score when it comes time to submit your loan application.

This is a simple and easy method to find out how you can save money by increasing your credit score.

Peter Uzelac at Clarion Mortgage Capital has the tools necessary to help raise your credit score. Phone or e-mail him today for a free credit "What If" analysis.