Current Mortgage Rates

Monday, October 06, 2008



When you ask: how Can I repair my credit? You can choose to do it yourself or you can hire a leading credit repair company to do it for you. If you wait for bad credit to be removed from your personal credit report, then it will take a long time and you will not improve your credit scores. Even people with the worst credit can obtain a secured credit card, have a friend or family member with good credit list them as a co-applicant and work to achieve personal credit report repair. If you do nothing, your scores will not improve.

There are companies that sell software programs, credit repair kits, books, CDs and DVDs on the subject of credit repair. You are not the only person asking; how do I repair my credit. There is also a lot of free information. It will take time and patience if you try to do it on your own, but it can be done. You may see quicker results if you hire a leading credit repair company and for certain problems a credit repair software is best.

There are some tips for you to repair your credit score:
  • Pay all of your bills on time: Late payments (payments that are 30 days late or more) have a negative effect on your credit rating.
  • Reduce the number of credit cards you carry: Write to your creditors to request that they close your accounts and report this status change to all three credit-reporting agencies.
  • Request in writing that your creditors reduce the credit limits on your accounts to lower your amount of available credit. The total amount of available credit is considered by lenders even if you owe nothing.
  • Check your credit report on a regular basis and remove errors: Think of it as a checkup to make sure your credit is in good "health". If you find any errors or omissions on your credit report contact the creditor associated with the account or the credit reporting agencies to correct it immediately.
  • Give yourself time: Time is one of the most significant factors that can improve your credit score. Establish a long history of paying your bills on time and using credit responsibly. You may also want to keep the oldest account on your credit report open in order to lengthen your period of active credit use.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.25%
30-yr. fixed jumbo7.62%
15-yr. fixed5.88%
15-yr. fixed jumbo7.12%
7/1 ARM6.62%
5/1 ARM6.25%
3/1 ARM6.00%
1-yr. ARM5.50%
1-yr. LIBOR ARM6.25%
10/1 ARM8.38%
40-yr. fixed6.88%
*Mortgage Rates Updated: 10/03/2008