Ok, so this blog will be a little boring but if you are in the market to purchase a home or a car listen up!
This information comes to us via 720creditscore.com so take a look:
I Called Todd! Now I'm at 720
Which is better for your FICO score: Paying off your credit cards, or paying off your mortgage?
Most people say they would pay off their mortgage to increase their credit score the fastest. But when it comes to FICO scores, eliminating charge card debt is far more powerful than eliminating mortgages and car loans.
And if you think about it, it makes sense. When assigning a credit score, the scoring bureaus assess risk by asking one question: How likely will this borrower default in the next two years?
Most people prioritize their mortgage payments; they would rather skip a few meals than lose their home. So having a balance on your mortgage isn’t really that risky. But people aren’t quite as responsible with their Visas and MasterCards. In fact, even the most financially responsible people make a few bad decisions when it comes to the allure of credit card spending.
So keeping a low balance (or no balance at all) on your credit cards is a far better indicator of your financial situation, and your ability to pay upcoming bills.
The moral of the story: If you want to increase your FICO score, get your credit card balances under control!
Anyone looking to get approved for a loan, whether it is a SEC 184 Native American Dream loan or a jumbo loan that empowers buyers, the process is simple. Please click on the "GET PRE-APPROVED" tab and we will be happy to help.
Oftentimes, we find that buyers in the market for a home are hesitant to find out what their credit scores are and see if they qualify. The process is actually quite simple and painless.
If your credit needs a lot of work, we can always run it through the 2014 WISH MACHINE check it out in action. Our job is to give you information necessary to improve your credit.
If you are simply looking for a vehicle to add some extra monthly income to your current paycheck we have that covered as well--Empower Network is the vehicle for so many, including me. Take a look
My life doesn't change whether you get pre-approved or not, I will still drive the same car and live in the same house but you life can change depending on the credit.
If you already have impeccable credit and looking for a Jumbo loan, we are jumbo loan specialists.
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