Economy Rockford: Boost Your Credit Score to Secure a Mortgage

23 News mortgage expert Terry Bloom says if you're shopping for a mortgage expect to bring more cash to the table. Most lenders require you to put down at least 5% of the value of your loan. Your credit score also plays a big role. Lenders evaluate good debt like a school loan, versus bad debt like auto loans and maxed out credit cards, when making their decision. Bloom says there are a variety of ways the boost your credit score and increase your chances of getting approved.

One of the worst things borrowers can do is close credit cards once the balance is paid off, this can affect your credit score negatively.

23 WIFR 2523 North Meridian Road Rockford, IL. 61101 Business: 815-987-5300 Fax: 815-965-0981 News: 815-987-5330 Fax: 815-987-5333
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