Credit Scoring 101 –

Credit Scoring 101 –

Some key take-aways:

-lenders have raised the bar wanting a 720 FICO score or better vs 680 in the past

-higher FICO = better interest rate

-entitled to free credit report from each source; spread out your requests since pulling your report gets flagged on your future credit reports (

Perhaps you considered keeping a low limit, based on what you think you will spend.  Well actually you want your spending to be ~10% of your limit.  So work with your creditors to up your limit if the ratio is more than ~10% consistently.

Pay bills a few days early, a late payment is a “ding” on your credit report.

Say “no” to store credit cards – the immediate savings may offset your credit score.  Each inquiry from a credit card company about your credit will impact your score.

About Ingrid Friel, Realtor, GRI, MBA

Enthusiastic, knowledgeable and patient realtor specializing in the Twin Cities downtown and nearby residential properties. Experienced with first time and repeat buyers. Excellent technical skills that help you do the first pass of your search online. My top priority is to find you the best fit for your criteria when searching for your next home. When representing sellers I work collaboratively to get your house ready to list and stay in close communication throughout the selling process. We call Eden Prairie home & love to chat about everything local with anyone interested.
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1 Response to Credit Scoring 101 –

  1. Pingback: Time to buy real estate – leveling off | ingridfriel

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