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09.03.19, 16:31 PM General Topics
3 replies
Question for the mortgage lender if still on. I would love to take advantage of the lower rates but my credit took a beating over the last two years. I am doing better financially but know I won't qualify for the lowest rates. Best ways, other than timely payments, to improve my credit score in the shortest period of time? [ Reply | Watch | Flag ]
General Topics 09.03.19, 04:31 PM Flag
 

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That's me!! First, when was the last time a lender ran a trimerge credit report and gave you your three scores? Reason I ask is that the online services (Credit Karma, etc.) are not always accurate. Plus you may still qualify for decent terms even without a 720+ score if you have enough equity in your home. Loans are priced based on loan to value and score. At 60% LTV or lower, there are virtually no pricing hits for a conventional conforming fixed rate loan. But to answer your question (how to improve your score) you need to pay everything on time (obviously) but also ask if your lender offers a "credit score simulator" where they ask the credit agency how you could improve your score. Sometimes it's as easy as paying down revolving debt by a specific amount. If you don't have any installment debt now, that could be hurting your score, but I don't advocate taking on new debt just to improve your score. Hope this helps! [ Reply | More
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General Topics 09.03.19, 04:37 PM Flag
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Yes-thanks! Am I able to ask agency directly for a credit score simulation? [ Reply | More
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General Topics 09.03.19, 04:44 PM Flag
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You can try calling one of the big 3 (Experian, Trans Union, Equifax) and see if they offer it. We use Credco but I believe they only deal with lenders and brokers. Good luck! [ Reply | More
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General Topics 09.03.19, 04:48 PM Flag
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