Got FICO score anxiety?
Posted by Kelly
Tue 07 July 2020
Don’t sweat it — there are actually a bunch of things you can do to make it more appealing.
1. Check your credit report for any errors and fix them, lickety split!
According to an FTC study, one in four people found an error on their credit report that might affect their credit score. That’s 25%!
The Federal Trade Commission has a free resource where you can request your credit report — check it out.
2. At the risk of sounding like Captain Obvious, reduce your debt.
That means keeping your credit card balances low, and if you’ve got a few credit cards, hit the high interest ones hardest and pay the minimum monthly amount on the others.
3. Pay bills on time.
Yeah, yeah, we’re starting to sound like your Dad but it’s actually pretty solid advice. The FICO Gods like to see that you make payments on time — it’s one of the biggest contributing factors to your credit score.
Paying your bills and payments on time shows you’re capable of staying on top of your expenses. So the second you get a bill, throw a reminder in your phone and make sure you’ll have the funds good to go by that date. If you don’t think you’ll have the cash — contact the biller and see if you can arrange a payment plan.
4. You know what? Your current FICO score might actually do the trick.
You can get an FHA loan with a FICO of 580. Actually, you can apply for an FHA loan with a FICO of 500 to 579, you’ll just need to have a 10% down payment. And wouldn’t you know it? We’re an FHA-approved lender.
5. And lastly, don't be tempted to try any of those quick fixes...
We're looking at you 'open a few new credit cards to increase your available credit'. You'll have the best chance at success by creating a well thought out plan and sticking to it.
Beeline is for all kinds of people, whether you’re going for your first house or refinancing your 21st house. We have home loans to fit everyone — and not all of them depend heavily on your credit history.
Jump onto our calculator and in about 5 mins, see how you’re looking — you might be surprised.