Running up the Score

Running up the score in an athletic event is probably not a good idea. Just look at the flak the New England Patriots are taking lately. But there is one score where you should definitely pile on the points:

Your credit score.

Now, more than any other time in recent history, your credit score is becoming THE most important piece of information that lenders will look at when you apply for a loan, regardless of whether it’s for a new purchase or re-finance. Having less-than-stellar credit now can mean the difference between qualifying for a loan in the 6% range, versus settling for something in the high 7% arena. (That’s hundreds of dollars more per month in interest payments.)

And that’s the best case scenario. Because of the recent sub-prime meltdown, lenders are now being much more selective and cautious on underwriting loans, and one of the biggest reasons for rejection of loan applications…. insufficient credit data or low credit score.

But the good news is that you can do something about your credit score. Attached is a great article with some quick tips on how to improve it, courtesy of BankRate.com. Click here: Bump up your credit score!

Don’t wait on this. Procrastination will only cost you more money!

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