LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. In order to help their readers enjoy the best possible interest rates for their loans, the website recently posted a new guide that helps to teach borrowers how to improve their FICO score fast.
The article says: “As a financially-savvy consumer (hey, you’re on this site, right?), doubtless you know how important it is to have good, healthy credit: Poor credit means you can pay tens or hundreds of thousands of dollars in extra interest over the life of a home loan and you can also pay more for car loans, credit cards and insurance. Bad credit can even have an impact on your ability to get a job.” Loan Love continues, “You probably also know that keeping your credit as healthy as can be is a lifetime commitment. And it follows, then, that credit repair can take a long, long time, right? Not always. Your credit score is influenced by a lot of factors, and while one of the main factors – the length of time you’ve had credit accounts – can only be improved with time, there are other factors that can respond pretty quickly to good behavior and improved spending habits.”
The article then goes on to explain that there are few areas that loan borrowers can focus on when trying to quickly improve credit ratings before applying for a home loan. For example, the article promotes the idea of keeping account balances to at most 20% of the actual credit limit, to ensure that lenders will look favorably on the borrower’s credit situation. Abstaining from canceling old lines of credit, as well as opening new lines of credit for the time being, can also help to increase trust with lenders, as this will add to the overall age of the borrower’s credit accounts.
The Loan Love article explains: “while it’s true that time can provide the greatest healing to a less-than-perfect credit history, it’s also true that steps you take today – right now (hint, hint) – can also have a pretty significant effect on your credit. Most importantly, by showing responsible behavior with your existing credit lines, you demonstrate to potential lenders that you’re a good risk. How to get started? It’s actually pretty simple: To jump-start the credit repair process, contact a credit repair company like CreditRepair.com for an initial consultation. In addition to helping you establish an actionable plan to improve your credit, they’ll even give you a free credit score and credit report summary so you have the most accurate picture of where you stand.”
For more information, please visit LoanLove.com for the full credit score repair guide.
Read the full story at http://www.prweb.com/releases/loan-love/fico-score/prweb11110883.htm