Increase your FICO

Increase your FICO

BEST OPTION HOME LOANS has helped hundreds of clients increase their credit scores (FICO scores) and either improve their previous loan situation or put them in a position to purchase a new home. This consultation is provided at no charge. As every person's credit is a different scenario, the BEST way we have assisted clients is to pull credit and do a complete review. The top 10 issues that we have found that limit higher credit scores (note: this is the opinion of BEST OPTION HOME LOANS and we cannot guarantee following these recommendations will increase your FICO):

PAST DUE. Anything that appears in a past due column of a credit report will drastically affect your score.
UNPAID COLLECTIONS. Just can't have them.
LATE PAYMENTS. One late can hurt you. Especially if recent.
BORROWING OVER THE CREDIT LIMIT. Common error. If you have a credit limit on a credit card of $500, you can't borrow over $500 and expect the best credit score. A BIG no-no.
BORROWING CLOSE TO THE CREDIT LIMIT. A more common error. It is good to borrow up to 50% of the credit limit, but BEST to be at 25% or lower of the available credit. If you want a higher score, pay down the balances ASAP (remember, it takes about 1-2 months after lowering the balances that the higher FICO will be reported).
TOO MANY ACCOUNTS OPEN WITH BALANCES OVER 50% of the credit limit.
UNPAID JUDGMENTS or TAX LIENS.
TOO MANY ACCOUNTS.
TOO MANY RECENT CLOSED ACCOUNTS.
TOO MANY INQUIRIES.

As stated above, BEST OPTION HOME LOANS cannot guarantee improvement by following our guidelines. However, we can state that, on average, we have improved client's scores 60-80 points. Of course, those with lower scores will have a better opportunity for improvement. Below is just an opinion of credit scores and how they affect your loan ability:

Under 500. You have a very little chance of obtaining a loan.
500-599. Considered subprime, and becoming more difficult to obtain financing. With some work, most of our clients can improve their FICO score into the next range.
600-639. Getting better. Will have limited options, but some "A" paper pricing may be available.
640-679. Almost there for prime. Almost.
680-739. Give yourself either a "A-" or "A".
740+. You are in excellent shape.

CONTACT KEVIN to discuss ways to improve your FICO score!

BEST OPTION Home Loans

30725 Point Woods Court, Temecula, CA 92591

Direct: 951-541-1334 Fax (toll free): 866-651-2084

Email: kdraughon@bestoptionhomeloans.com

CA Dept. of Real Estate License No. 01383240