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Tricks To Improve Credit Score Before Applying For A Mortgage There are a couple of things that you can do prior to applying for a mortgage that will help raise your credit scores in the event that you feel you may be right on the line of a qualifying... More

Tricks To Improve Credit Score Before Applying For A Mortgage There are a couple of things that you can do prior to applying for a mortgage that will help raise your credit scores in the event that you feel you may be right on the line of a qualifying score. Current FHA mortgage guidelines require a minimum of a 620 middle score and some situations bump that minimum score requirement up to a 640. The easiest thing to do is to pay down all of your revolving accounts such as credit cards and department store cards. If you can afford it pay them all off, leaving a few dollars on each account as a balance. Recent studies have showed that to achieve the highest possible open balances should be between two and three percent. There isn’t any public information available in regards to the FICO scoring model and the algorithm used to calculate the score so trial and error is tested to try and notice indicators. Paying off these accounts will lower your utilization and in turn raise your c Less