Five Ways To Improve Your FICO Credit Score Get Lower California Mortgage Rate.
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Five Ways to Boost Your FICO Score and Secure Lower California Mortgage Rates
Overview
Enhancing your credit score can help you secure a lower mortgage rate in California. Here are five straightforward strategies to improve your FICO score.
Article
Over 30 million Americans have credit scores below 620, making it challenging to secure favorable mortgage rates. Understanding how your score is calculated can be crucial. The FICO score, developed by Fair Isaac Corporation, is widely used, ranging from 300 to 800. Most people fall between 600 and 800.
A high FICO score rewards timely bill payments and is key to obtaining better mortgage rates in California. If you've experienced credit setbacks, here are five effective ways to elevate your FICO score:
1. Pay Bills on Time: Timeliness is crucial. Late payments, especially those over 30 days, can lower your score by over 50 points. If manual payments are cumbersome, consider setting up automated payments online.
2. Avoid Maxing Out Credit Cards: Keep your credit utilization low. A smaller balance relative to your credit limit is beneficial. If planning large purchases, like a car, wait until after securing low mortgage rates.
3. Steer Clear of Bankruptcy: Avoid bankruptcy at all costs. It has a more severe negative impact than late payments or collections.
4. Seek Credit Counseling: If overwhelmed by debt or starting to fall behind, credit counseling can provide guidance and solutions.
5. Maintain Old Credit Accounts: Keeping paid-off accounts open can enhance your credit profile. Closing old accounts can reduce your credit age and potentially lower your score.
For those with scores over 620 aiming for improvement, review your credit report and dispute any inaccuracies.
About GoldMedalMortgage.com
GoldMedalMortgage.com offers a range of mortgage solutions, including first-time homebuyer loans, home improvement loans, home equity loans, and debt consolidation loans through their partners.
For more information about California mortgage rates or improving your FICO score, call 866-398-4664 or visit [GoldMedalMortgage.com](http://www.goldmedalmortgage.com).
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