I have a credit rating of about 750- how would I improve this? Can I get a better mortgage rate if I improve?

I have bought and sold 1 home and currently own a home. My wife and I use credit card for as many purchases to gain cash back as we can but pay off at end of month. Bills are always paid on time. Some "old dogs" credit cards still appear open on my credit report but no balance, etc. What is the "cutoff" credit score for getting the best mortgage rate possible?

I have a credit rating of about 750- how would I improve this? Can I get a better mortgage rate if I improve?
At 750, you are in great shape (credit scores go up to 850). Generally for mortgage lending, once you are over 720 you are in the top tier.





Leave the 'old dogs' alone, you could actually hurt your score by closing them. Continue making payments on time, moderately use your available credit, and avoid any unnecessary credit inquiries (you can check your own credit without issue).





Also, try visiting www.optoutprescreen.com. This is a service that removes you from the pre-screened credit solicitations and has been known to improve scores from 5-25 points.





I am a mortgage advisor and deal with credit issues all day long. Keep up the good work!
Reply:There is no arguing that a better credit score means better interest rates for your mortgage, auto, and all other areas where credit is used. By implementing these tips you could save hundred of dollars in interest in the long run and put cash back in your pocket in the short term.





1) Avoid using cash and borrowing from family for all your purchases. In the eyes of creditors no credit history is the same as a bad credit history. You may get away with paying cash for your car but when you buy your first home it will come back to haunt you. Even if you can afford to borrow or pay cash try opening an account to buy your furniture, automobiles, or home improvements. A diverse credit background will help with your credit score.





2) Your credit report tells all. Do not lie or stretch the truth to lenders, banks, or employers. They will easily catch you and the consequences are not worth it.





3) Do not cancel credit card accounts to improve your credit. The intended affect may be the opposite of what you expect. You can hurt your credit by canceling your credit cards; especially if you have a long history with the account. Losing a ten or twenty year credit history isn't worth it. If you absolutely must stop using a card, try shredding it. An open account that doesn't have a balance looks far better then no credit account at all. Read more about it at: http://www.credit-card-gallery.com/artic...
Reply:If your FICO score is 750, you already have excellent credit. Increasing your score is not worth the effort. Your income is more off an issue than your FICO score at this point.