New Orleans Mortgage Tips! Credit Scores are more Important than ever.

       Last week I was talking to one of my favorite Lenders Julie Baudier of Standard Mortgage about the quality of borrowers that she is getting.  Many buyers cannot buy because they have low credit scores.  Most loans now require higher  credit scores.   They are requiring more on FHA loans as well.  So if you are in the thinking process now is the time to check your score and learn the ways you can improve your score. 

      The two main points are that your scores can be raised and they need to be checked every now and then.  You need to have them checked on a regular basis as the credit agency’s make mistakes.  Its easy to put things on but not so easy to take them off.  Do not wait until you want to buy to get started.  Starting earlier is better.  

Tips to improve your FICO score:
Increasing your FICO score may take time and often there is no quick fix.  FICO scores reflect credit payment patterns over time with more of an emphasis on recently reported information that older information. 
·         Pay off your bills on time.  Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO score.
·         If you have missed payments, get current and stay current.  The longer you pay your bills on time after being late, the more your fico score should increase.  Older credit problems count for less, so poor credit performance won’t haunt you forever. 
      The impact of past credit problems on your FICO score fades as time passes and as recent good payment patterns show up on your credit report.  And good FICO scores weigh any credit problems against the positive information that says you’re managing your credit well.
·         Keep balances low on credit cards and other “revolving credit”.  High outstanding credit card debt can negatively impact your FICO score.
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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA