In order to qualify for certain mortgage and loan products, a minimum credit score is essential. Even if your score is sufficient to qualify, you might find the rates being offered will be lower than if you had a higher score.
Having worked with thousands of personal credit histories over the years, we have developed some strategies that sometimes give you that much needed quick score boost—sort of like jumper cables for credit!
Here are a few scenarios this might help with:
You are being pre-approved for a mortgage, but your bank or broker remark your score is too low and you don’t qualify.
You want to qualify for a mortgage AND a home equity line of credit (HELOC), but your lender says you need a higher score to get both.
You are working with a mortgage broker who is arranging a mortgage with a B-lender for you. She tells you that your interest rate will be lower if your Equifax Fico score is over 680.