"How can I improve my credit score?"

Excellent credit to poor credit, everyone wants to improve their credit score so they can obtain the best possible interest rate on their next California refinance.  Better credit equals lower interest rate and a lower interest rate means you could save thousands of dollars in interest payments.  Credit scores are one of the most difficult things to figure out and for the most part there are no quick fixes (unless there are errors on the report) for improving your credit score.  It's important to review your credit history before you look to obtain a new California mortgage refinance loan.  There are some general rules of thumb that will improve your score.  If you have any specific questions about your personal credit report, just give us a call and we can review your situation.

"What can I do to raise my score?"

The Basics:

1.  Pay all accounts on time.

2.  Keep your balance on all accounts below 35% of the credit limit.  If you go above that, just make sure to never go over your credit limit.

3.  Ensure all data (From the spelling of your name, current and previous addresses, employer(s) to credit limits and monthly payments are accurate.  Upwards of 70% of all credit reports have errors on them

4.  Have 3-4 open and active tradelines (credit cards, car loan, student loan mortgage etc.). 

5.  Time.  You can't do anything about this as the three credit bureaus value length of credit history in determining your credit score.  Someone with 5-years of credit history will have a lower score (even if he/she has paid on time) then someone with a 30-year credit history.

6.  Avoid being a cosigner for someone else unless you are prepared to make sure they pay on time.

These are some basic things you can do to raise your credit score so that you can obtain the best possible California refinance mortgage loan.  There are many services that you can use to keep track of your score, and I recommend you stick with the ones offered by the three bureaus or the FICO score creators (myfico.com). 

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