| Your FICO Credit score is used by mortgage | | | | raise your FICO score before applying for a home |
| companies to determine how much of a risk you are | | | | mortgage refinance loan. |
| for a home mortgage refinance loan. The lower your | | | | How to Improve Your FICO Score before Mortgage |
| score, the more you will pay when mortgage | | | | Refinancing |
| refinancing. There are ways to improve your credit | | | | Improving your credit score takes time, there is no |
| before applying and save money on your home | | | | quick fix; however, there are steps you can take to |
| mortgage refinance loan. Here are tips to help you | | | | raise your score. First, make sure you are paying all of |
| polish your FICO score and qualify for a better | | | | your bills on time as 35% of your FICO score is based |
| mortgage refinancing interest rate. | | | | on your payment history. Fair Isaac also bases 30% of |
| FICO stands for "Fair Isaac Corporation," named for | | | | your FICO score on the amount of your debts and |
| the company that calculates your score. Fair Isaac | | | | your available credit limit. The remaining factors include |
| evaluates the contents of your credit reports and | | | | 15% based on the length of your credit history, 10% on |
| assigns a numerical value to your credit worthiness. | | | | the amount of recent inquires, and 10% on the type of |
| Because there are three companies that maintain | | | | credit accounts you use. |
| records, you will have three FICO scores, one for each | | | | The items you can control prior to mortgage |
| credit agency. Before you consider mortgage | | | | refinancing include paying your bills on time, maintaining |
| refinancing it is important to request credit reports from | | | | low balances on your credit cards, and paying off |
| each credit reporting agency and carefully review your | | | | negative information found in your credit reports. The |
| records for errors. | | | | more time you have to devote to improving your credit |
| Any adverse information found in your credit reports | | | | score, the more you can boost your FICO Score. If |
| will damage your FICO scores. Other factors that | | | | you are a homeowner with poor credit you want to |
| affect your FICO score include the length of time you | | | | devote at least six months to improving your FICO |
| have been using credit, the amount of available credit | | | | score before applying for a home mortgage refinance |
| vs. your debts, negative credit information in your file, | | | | loan. You can learn more about your credit and how it |
| collections, any write-offs or bad debt. If you find | | | | affects mortgage refinancing by registering for a free |
| mistakes in your credit history it is important to dispute | | | | mortgage tutorial. |
| the error and allow enough time for the correction to | | | | |