Tips on How to Improve Your Credit Score

Hey folks, it's time to get real about your credit score. If you're anything like me, you probably don't pay much attention to it until it's time to apply for a loan or credit card. But did you know that your credit score can make or break your ability to obtain a mortgage loan?

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When you apply for a mortgage loan, lenders take a close look at your credit score and credit history. They want to know if you're a responsible borrower who will pay back the loan on time and in full. A good credit score can help you qualify for a mortgage loan with a lower interest rate and better terms, while a poor credit score can make it more difficult to get approved and result in higher interest rates and less favorable terms.

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In short, your credit score is one of the most important factors that lenders consider when deciding whether to approve you for a mortgage loan. By taking steps to improve your credit score, you can increase your chances of getting approved for a loan with better terms and save yourself thousands of dollars in the process.

1. Check your credit report regularly

This is a no-brainer, but it's worth repeating. Make sure to check your credit report for any errors or fraudulent activity. You can get a free credit report from each of the three major credit bureaus every year, so take advantage of it.

2. Pay your bills on time

This one seems obvious, but it's worth emphasizing. Late payments can have a big impact on your credit score, so set up automatic payments or reminders to make sure you're always on time.

3. Lower your credit utilization ratio

Your credit utilization ratio is the amount of credit you're using compared to your credit limit. Aim to keep your utilization ratio under 30% to improve your score.

1. Check your credit report regularly

This is a no-brainer, but it's worth repeating. Make sure to check your credit report for any errors or fraudulent activity. You can get a free credit report from each of the three major credit bureaus every year, so take advantage of it.

2. Pay your bills

on time

This one seems obvious, but it's worth emphasizing. Late payments can have a big impact on your credit score, so set up automatic payments or reminders to make sure you're always on time.

3. Lower your credit utilization ratio

Your credit utilization ratio is the amount of credit you're using compared to your credit limit. Aim to keep your utilization ratio under 30% to improve your score.

4. Increase your credit limit

If you're struggling to keep your credit utilization ratio low, consider asking for a credit limit increase. Just make sure not to use the extra credit as an excuse to spend more.

5. Diversify your credit

Having a mix of credit types (like a credit card, auto loan, and mortgage) can improve your credit score. But don't open new accounts just to add diversity - only take on credit that you actually need and can handle responsibly.

4. Increase your

credit limit

If you're struggling to keep your credit utilization ratio low, consider asking for a credit limit increase. Just make sure not to use the extra credit as an excuse to spend more.

5. Diversify your credit

Having a mix of credit types (like a credit card, auto loan, and mortgage) can improve your credit score. But don't open new accounts just to add diversity - only take on credit that you actually need and can handle responsibly.

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šŸ” Should You Use a Mortgage Broker or Go Direct to a Lender? šŸ’”

šŸ¦ Mortgage Broker vs. Direct Lender: Whatā€™s the Smarter Choice? šŸ¤”

Bill Rapp, Commercial Mortgage Broker
June 10, 2025ā€¢2 min read

šŸ¦ Mortgage Broker vs. Direct Lender: Whatā€™s the Smarter Choice? šŸ¤”

šŸ” Should You Use a Mortgage Broker or Go Direct to a Lender? šŸ’”

šŸ¦ Should You Choose a Mortgage Broker or a Direct Lender?
When it comes to securing a mortgage, one of the most common questions homebuyers face is: Should I work with a mortgage broker or go straight to a lender? Understanding the difference could save you thousandsā€”and a lot of stress.

šŸ”„ Whatā€™s the Difference?

Mortgage Brokers are independent professionals who connect you with multiple lenders. They shop around on your behalf to find the most favorable rates and terms. Think of them as matchmakers for mortgages.

Direct Lenders (like banks or credit unions) offer mortgage loans directly to consumers. Youā€™re limited to their programs and rates, but the process may feel more streamlinedā€”if you fit their criteria.

šŸ’” Pros & Cons Breakdown

āœ… Mortgage Brokers

Ā·         Access to Multiple Lenders: More options = better chances of approval.

Ā·         Tailored Advice: Brokers match your financial profile with the best loan product.

Ā·         Special Programs: VA, Doctor, Self-Employed, or Non-QM loans are often easier to secure.

Ā·         One Application, Multiple Offers: Save time and credit pulls.

āŒ Mortgage Brokers

Ā·         Broker fees (often covered by the lender, but worth asking about).

Ā·         Less control over underwriting timelines (since it's outsourced).

āœ… Direct Lenders

Ā·         In-House Underwriting: May speed up the process.

Ā·         Direct Communication: One point of contact throughout.

Ā·         Fewer Fees (sometimes).

āŒ Direct Lenders

Ā·         Limited loan options.

Ā·         Stricter guidelines.

Ā·         No competitive rate shopping.

šŸ” So, Which Oneā€™s Right for You?

Ā·         First-Time Buyer or Complex Income? Go with a broker for options.

Ā·         W-2, High Credit, Conventional Loan? A direct lender might do the trick.

Ā·         Looking for Speed + Personal Help? Brokers often win here too.

šŸ’¬ Final Word

A mortgage is one of the biggest financial commitments you'll make. Don't leave money on the table by limiting your options. A mortgage broker can often uncover solutions you didnā€™t know existedā€”especially in todayā€™s dynamic rate environment.

šŸ‘‰ Want to compare real loan options side-by-side? Contact us today for a free consultation!

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Ā© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory

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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: ā€¢ Fixed-rate mortgages: Offering stability with predictable monthly payments. ā€¢ Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. ā€¢ FHA loans: Making homeownership accessible with lower down payments. ā€¢ VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: ā€¢ Purchase loans: Financing the acquisition of new buildings or land. ā€¢ Construction loans: Facilitating the development of your project. ā€¢ Refinance loans: Restructuring your existing mortgage for better terms. ā€¢ SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: ā€¢ Expertise: Our brokers have a deep understanding of both residential and commercial lending. ā€¢ Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. ā€¢ Streamlined Process: We handle the paperwork, keeping you informed every step of the way. ā€¢ Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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Copyright Ā©2021 | Mortgage Viking Team

Licensed to Do Business | NMLS # 228246


This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright Ā© 2021 | Medallion Funds


Corporate | NMLS ID NMLS # 1825831

Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014

Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/

Copyright Ā©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply

Corporate | NMLS ID NMLS # 1825831

Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/