Increasing my credit score before a mortgage?

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Joined: Sat Oct 20, 2012 3:47 pm
Location: Miami FL

Increasing my credit score before a mortgage?

Postby BeachTreeLover » Sat Oct 20, 2012 4:04 pm

Hi. I'm interested in buying a home and I want to improve my credit score. I recently obtained a copy of my credit report and was disappointed to find my score is 696 (equifax). I want to improve it to 720 so I can get a better interest rate on the mortgage, I was advised by the broker for mortgage loans that this is the next bracket for better rates. Here is what I have:

* discover card, main card, limit = 4.5k, just paid off the card to improve score (had 3k on it for a few months), i have had this card since 12/2006
* car loan (US bank), limit = 28k, now at 24k
* another small loan (GE) (but this is listed as a credit card/revolving account, not in the same section as a car loan), limit = 2.5k, now at 1.9k
* have 2 other open credit cards that i got in 2005 and 2006 for department stores to get a discount, now i have no idea where they are and have not used them for many years
* previously paid off another car loan (JP Morgan/Chase) of 13k
* no late payments or negative info
* employment history (5 years) or rental history is not listed

I have a good amount of cash I've saved for the down payment, is it worth it to use it to pay off any of the debts I have? Any tips on how to increase my score to 720 within a few months?

Thanks for any advice! I really appreciate it!

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