A higher score means a lower rate and more loan options. Here is how to move it up — sometimes in a matter of weeks.
Your credit score is the single biggest factor in the interest rate you will be offered. The good news is that scores are not permanent. Here is the plan Van gives clients who want to improve their score before they apply.
Payment history is about 35% of your score. Set up autopay for at least the minimum on every account so a missed due date never costs you.
Credit utilization is the second biggest factor, and the fastest to fix. Paying a card down from 90% to under 30% of its limit can raise your score within one billing cycle. Under 10% is even better.
Length of credit history matters. Keep your oldest cards open and use them for a small recurring charge so they stay active.
Pull your free reports from all three bureaus at AnnualCreditReport.com. Wrong balances, accounts that aren't yours, and paid collections still showing as open can all be disputed and removed.
Each hard inquiry can shave a few points. Avoid new applications in the months before you apply for a mortgage (mortgage shopping within a short window counts as one inquiry).
If you pay down balances or fix an error, Van can order a rapid rescore through the lender so the update shows in days instead of months — often enough to qualify for a better rate before closing.
Not sure where you stand? Call Van. He will pull a soft credit report, show you exactly what is holding your score down, and build a plan to fix it.