PARAMOUNT MORTGAGE - LENDER'S BLOG Can Your Credit Score be Too Good? October 12th, 2009 8:55 AM Can Your Credit Score be Too Good? Reported by Bottom Line Personal Newsletter Bottom Line on the News reported in their September 15th publication about a subject that could affect people with excellent credit. What happens if you have a credit score that is "too high"? Adam Jusko, founder of IndexCreditCards.com, based in Lakewood, Ohio, discovered that it "could mean fewer credit card offers and lower credit limits". Jusko determined, based upon a comparative analysis of more than 1200 credit cards and their credit policies, "if your credit score is 820 or higher (out of the maximum score of 850) it usually means that you pay off your credit cards on time and in full each month." Credit card issuers "may view you as unprofitable", states Jusko. Paying off your account in full each month denies the credit card company interest income from an unpaid balance. Bottom Line's recommendation, "Make at least one small purchase on each of your credit cards every few months." This keeps a variety of cards active so your overall credit availability remains ample, even if limits on some cards are cut back. Maintaining a good credit score is essential in qualifying for the best mortgage rate. Mortgage loan underwriters use credit scores as a factor in determining loan approval. Simply stated, credit scores are a statistically-based tool to assess the future performance of a borrower. In general, a credit score is based upon the following criteria - 35% on payment history, 30% for credit balances, 15% on length of credit history, and 10% on the type of credit account a borrower holds including credit cards, unsecured loans, and auto or home loans. Fair, Isaac & Company originally developed the credit scoring system. Their website contains many valuable tips on improving your credit score which can translate into saving real dollars on a home mortgage. MyFico.com's Loan Savings Calculator allows you to determine how much extra money you will save or spend based upon a corresponding increase or decrease in your credit score. The Calculator displays credit score ranges and corresponding sample interest rates based upon those scores. When using the Calculator it is helpful if you already know your FICO score. Based upon the Calculator's figures, raising your present credit score as little as 20 points from 680 to 700 translates to a savings of $3,892 over the life of a 30-year loan for $100,000. A corresponding drop of 20 points to 660 will cost you an extra $4,751 on that same home loan. My Fico's Loan Savings Calculator uses an amalgamation of interest rate averages based on thousands of financial lenders nationwide. Rates are updated daily by Informa Research Services, Inc. For an exact rate quote and monthly payment estimate contact your Paramount Mortgage Banker. Link: Credit Score Improvement Tips Posted by Customer Service on October 12th, 2009 8:55 AMPost a Comment (0) * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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Paramount Bond & Mortgage Co., Inc. • NMLS ID: 67856
Trade names: Paramount Mortgage Company • PMC Mortgage
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Paramount Mortgage Company: Missouri NMLS ID: 67856 • 347 N. Lindbergh Blvd., St. Louis, MO 63141 • Phone: (314) 372-4300  • Toll-Free: (800) 735-5957 • Fax: (314) 372-4399  Branch Offices – Florida: Florida NMLS ID: 67856 •  4511 North Himes Ave., Suite 200, Tampa, FL 33614 • (813) 449-4260 • Fax: (888) 258-0619   California: California ID: 41310735850 • Canoga Ave, Suite 400, Woodland Hills, CA 91364  • Phone: 818-710-7165  PMC Mortgage Washington: Washington ID: CL-67856 • 14205 SE 36th Street, Suite 100, Bellevue, WA 98006 • Phone: (425) 637-0700  • Fax: (425) 671-5488   PMC Mortgage Idaho: Idaho ID: MBL-7528 • 1875 N. Lakewood Dr., Suite 102, Coeur d'Alene, ID 83814 • Phone: (208) 765-5626 • Fax: (208) 667-2766  State Licences: Texas: SML 50448 • Illinois: MB 0006371