More than ever, fico scores are important for mortgage loan approval and a factor in determining the interest rate on most conventional home loans.  Here is the short list to maximize your fico score:  #1 pay everything on time, this cannot be emphasized enough, #2 establish credit if you do not have a mix (mortgage, installment and revolving) of reporting accounts and at least a 24 month history  #3 reduce your credit card balances, the lower the balance compared to the limit, the higher your fico score will be – this is the single most overlooked item  #4 age of accounts matters, try not to close accounts with a good, long history, opening new accounts will probably reduce your fico score for a while  #5 inquires matter, but are only small factor, these sometimes get too much attention.  A fico score over 720 is considered a good fico score.  Mortgage companies use all three major credit bureaus and typically use the middle fico score of the three as the indicating credit score.  For more information on credit and credit repair services, visit our website.

Call the mortgage line, Dan Thierry at Dominion Mortgage at 610-614-1903 or visit www.dominionrates.com.