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Mortgage pricing is now paying more attention to credit scoring. Since credit scores are now more important , it is vital that you locate and review your credit score. If you learn how the credit scoring system operates, you can make it work for you. The web site my FICO.com is a great place to start.

Published by credit scoring powerhouse Equifax, myFICO.com give you information right from the source. There are tens of pages of tips and tricks from which everybody can learn.

Following are some of the basics:

Remember the number 30: Credit card balances should hold steady at no more than 30% of the card limit. The credit bureau believes that you are responsible with use of credit if this is your situation. If you consider consolidating several credit card balances into a single card, be careful of the single card limit because overloading could hurt your score.

You Have A Friend In The Trend: The credit bureaus smile on “on time” payments. If you have a record of paying on time, you are likely to continue the pattern . If you’re late, catch up right away. This is the biggest portion of your credit score at 35 percent.

The Trend Is Your Friend: A track record of paying accounts on-time means that you’re likely to continue paying on-time. Credit bureaus like on-time payments. If you’ve been late, catch up immediately. At 35 percent, this is the largest component of your credit score.

Pay Attention To History: Maintain a credit “history.” Don’t close out credit cards that you don’t use. That history will be 10% of your score.

The web site mentioned can provide more suggestions to help you. Take a proactive approach because this year it is expected that there will be added credit score adjustments to mortgage rates You need to find out what the issues may be with your current credit score and take the appropriate steps to fix your score.

We don’t always know all about credit scoring and may need more assistance than a web site can provide. In order to get your best possible mortgage rate, speak to your loan officer for an analysis of your personal information about your credit score.

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