Episode 58, Segment 3: How Adjusting Your Credit Score Can Save You Money
When you fill out a prequalification application, most mortgage lending companies will simply pull your credit report and give you an estimated interest rate based on your credit score. The secret you don't know? Sometimes, boosting your credit score by just a few points can actually save you thousands of dollars on interest.
That's why John Schutze gives every potential client a full rundown of their credit report, letting them know how they can increase their score - even if it's already a good score - to get a lower interest rate on their mortgage, potentially saving them thousands of dollars in the long run.
Many people don't even know how the credit score system works, and that boosting your score by paying down a credit card or paying off even a small debt can actually raise your score enough to earn you a lower interest rate on your home loan.