I wanna buy a house; How do I improve my FICO scores?

If your buyer really wants to improve their scores the information is everywhere, and it's not hard to interpret or to establish a plan, BUT let me go back to

if your buyer "really" wants to improve their scores

If they don't, and their scores are low, let's say below 640 for the sake of argument, then stop reading now and seek other "qualified" buyers. Just a suggestion here.

Just in case you're interested the info I'm about to share came from "Frequently Asked Questions: FICO Scores." It was published on July 11, 2010 by the National Association of Realtors Government Affairs Division.

Personally I consider this to be a reliable source.

Okay, let's start with payment history.

Oh no, not there!

Fico says 35% of your score is coming from your payment history, so let me try the obvious.

Make your payments on time.

If you want to buy a house. The last 12 months is the most important, but all history does come into play.

Next, amounts owed.

This is good for 30%.

Don't max out your credit cards.

If they are maxed out start working on paying down the balances.

Length of Credit History

15%

This obviously happens over time, you just can't speed up the process. If you don't have any credit you may want to consider opening some accounts.

Don't get too crazy here

Then don't forget the biggies above;

Make your payments on time

Don't max out your credit cards

you may be able to get a mortgage without traditional credit, but it's gonna be

TOUGH!

New Credit

10%

Don't go out and acquire new credit right before you start looking for a house. This is a big no, no.

Don't you dare acquire new credit just before you apply for a loan, and

never, and I mean NEVER, acquire new credit after you have filled out the mortgage application, and before you close.

Types of credit in use (healthy mix)

10%

this is a tough category to get a handle on. My word of caution here is just not too much.

Is this "everything" you need to know?

NO

Want to know more?

try

www.MYFICO.com

click on the education tab. You'll find many Q&A's also a booklet entitled,

"Understanding your FICO score"

So, what are you waiting for, get at it.

How do I improve my FICO scores, well this isn't everything, BUT

It'll Help