Improve Your Credit Score

Recently I was reminded of a friend in my ward.  He and his wife wanted to buy a home several years ago, but found that it would actually take some time.  When they went in to inquire about a Mortgage the lender told them they had no Credit scores. Essentially they would have to build their credit before purchasing their home.   So, unless you are going to buy your first home or your next home with Cash it is a great idea to pay special attention to your credit score.

Another secret I recently learned reminded me to keep improving our credit scores.  Higher credit scores mean that borowers are less risky to investors.  Therefore, they are willing to loan you money at a lower interest rate.  If you don't have great credit then you will likely get charged higher interest rates.  Even worse, you may not qualify for a loan at all.  Remember if you are qualifying with both husband and wife then both credit scores need to be great because your interest rate will be affected by the lower of the two spouse's scores.