Credit scores and your mortgage rate

It has overtones of Judgment Day, sitting before a loan officer and applying for a mortgage. Are you credit-worthy? And to make that judgment, mortgage lenders will review your all-important records, namely your credit reports and credit score.

4 steps to a good mortgage rate
1. Factors beyond credit scores
2. Scrutinize your credit reports
3. Bump up your credit score
4. Don't close any accounts

Each of the three major credit bureaus, Equifax, Experian and TransUnion, collects data from your lenders about your history of borrowing and paying back credit. They compile that information into your credit report, which any lender can access whenever you apply for a loan. The Fair Isaac Corp. is the major producer of credit scores. They take the information from those credit reports, apply their own trade-secret formula and, based on the three credit reports, distill three credit scores for you into one score ranging from 300 to 850.



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source: updatere.com