Some of the rules concerning credit scoring are changing.
Here are some easy to remember tips:
1) Do not max out your credit card. Your score will be greatly dinged the closer you spend towards your max credit limit. Pay down your card and put some distance between what is owed and your available limit. You will likely see your credit score improve in the process.
2) 35% of your FICO score is payment history. Paying bills on time is crucial.
3) Looking for a 30 year mortgage loan? It used to require a score of 720 to obtain the lowest fixed interest rate. That requirement has risen to 760. The better your score the lower your monthly mortgage payment.
4) Have credit cards with a zero balance? Do not close those accounts. It is believed to be viewed as a positive to have open credit cards with a zero balance. Though some card companies have been known to close older, unused accounts.
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