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February 5th, 2010Categories: Mortgage & Finance reVIEWS

As mortgage lenders tighten approval standards  in Georgia and nationwide, the importance of a good credit score is rising.  Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.

In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit — often by accident.  Some of the highlighted mistakes include:

- Closing open credit cards

- Making appliance buys on credit prior to closing

- Asking creditors to lower credit balances prior to closing

In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores.  Below 740, though, every 20 points adds to the damage.  Watch the video and apply what you can to your own situation.  The more you know, the more you can save.

Tags: Credit score, FICO, Georgia, Home, Loan, Mortgage, Personal finance, The Today Show

Written by Chad Lariscy//

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This entry was posted on Friday, February 5th, 2010 at 8:46 am and is filed under Mortgage & Finance reVIEWS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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