Is your credit score a mystery to you? Well, it may be time to demystify that three-digit number, since a good credit score is a key factor in getting a better interest rate on your mortgage.
“Your credit score is the foundation of your financial health,” says Anthony Sprauve, senior consumer credit specialist for Fair Isaac Corporation FICO, an analytics software company and owner of the FICO Score. The FICO score is a standard for measuring credit risk in the credit card, banking, retail, and mortgage industries.
With a high credit score, you can secure more credit as well as a cheaper interest rate on a mortgage, says Sprauve. So, it’s worth investing the time and energy to improve it.
Read on for five little-known ways to improve your credit score and ultimately get you the best interest rate possible for a home loan.
Category: Home Buyer News