Improve creditCredit scores have such an impact on what we pay for items. The sticker prices aren’t affected but the interest we pay on those items is. Most people aren’t paying cash so the cost of an item is greatly affected by the interest they pay when charging it to their credit card. Or the interest on a car loan, furniture purchase, or mortgage. Now employers are using credit scores as a tool for hiring.

How can you improve your scores to get a better mortgage rate? There are some simple trade secrets and easy to follow tips that will help maximize your scores and ensure that you get the lowest interest rate for your mortgage in Charleston, South Carolina and every other city in the country. Here they are:

Remove Erroneous credit blemishes: Start by checking your credit report. Often times people have negative items on their credit that shouldn’t be there. You’ll never know unless you check. Sometimes people with similar names, especially Jr.’s or II with the same name as their parent , have their credit reporting incorrectly. Check to make sure your report isn’t full of errors

Dispute: Dispute incorrect items. As a mortgage professional I have a direct line to the credit bureaus and can have your credit report updated within 3 days. If you try this on your own, it could take as long as 120 days.

Pay Down Balances: A large part of your credit score is determined by available credit. When your card are almost maxed out this can lower your scores by as much as 100 points. It’s best to have a balnce that’s less than 30% of the credit limit. Paying down balances usually has the biggest impact.

Open new credit: Sometimes getting more credit is the answer if you have little to none. It’s important to have a current credit history.

Make on Time Payments: The most obvious fix is making on time payments. This is the number 1 credit score determinant.

Once we get your scores updated you should qualify for a great loan. The 5% Down loan with NO PMI is the best low down payment in the country. It results in the lowest payment and has helped 1000’s of home buyers qualify for more home for less over the last 2 years. To learn more about the 5% Down with NO PMI loan click here: 5% Down Program