Tip 4 – Improving a FICO Score – Apply for Credit
Applying for credit should be done carefully to maintain a good FICO score. This is because 10% of your FICO score is your applications for credit and is measured by how many times lenders view your credit report. A good FICO score usually means you aren’t going out and applying to every new credit offer you get in the mail. A good FICO score means that you stay away from the store credit offers. You know the one that offers you 10% for applying for their store credit card.
What would you prefer the 10% on that $100 purchase equating to $10 or .5% interest on your 30 year mortgage. The .5 could equate to thousands over time. The decision is make protect your good FICO by not applying and get that .5%. This is just an example but if you crazy with offers, it is feasible.
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