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Fast Tip to Increase Your Credit Score Up To 5 Points |
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Written by Tamara Schmitt
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Thursday, 19 October 2006 |
Lender’s programs for lending are segmented by tiers of credit scores. Many times a borrower can just miss taking advantage of a package with lower rates or better terms by only a few points! For instance, many conforming loans offering better rates require borrowers to have a mid score of 620. Suppose you just pulled your credit and you’re middle score is 617. You’ve missed a great rate that could have meant $200 or more off your monthly payment by only 3 points!
There is something you as the consumer can do to improve your score by up to 5 points, and get those results in about 3 days. It’s called “opting out”. By opting out, you are removed from the lists of numerous credit card companies who offer per-approved credit to consumers daily. You will no longer receive the offers, making you less of a risk in the eyes of the credit bureaus. This simple act can cause your scores to go up as much as 5 points! And help qualify you for a more attractive program when you go to buy or refinance.
This can only be done one time and the length of time you remain opted out depends on your method. If done by submitting online, you are opted out for 5 years; if by certified letter, the opt out is longer. (It is reversible if you change your mind at a later time.)
To opt out, one site is www.optoutprescreen.com. Be aware that you will not receive the recent news releases on new programs that come with the tempting offers, but if you close to the next tier, this could be a very financially worthwhile trade. ---------------------
ABOUT THE AUTHOR:
Tamara Schmitt is currently a Loan Officer with 1st United Mortgage. Tamara is also the top loan officer at http://www.GETLOANSCHEAP.com, an internet business geared solely to educate and aid the consumer in assessing and obtaining the right loan for their specific needs, as well as, helping rate mortgage Professionals in all fields. View the site for more articles on mortgages and refinancing, or other home loan needs. You can view Tamara's home page and see her feedback and more articles she has written at http://www.getloanscheap.com/tamara
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Last Updated ( Thursday, 19 October 2006 )
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