Whether your credit score is high, low, or somewhere in between, it is smart to raise it as high as you can before you submit your application for a home loan in California.
Many consumers are not aware of a couple of programs which can result in a rapid and substantial score improvement: Experian Boost and UltraFICO.
They are both Experian programs, and one of them was developed in cooperation with FICO. Let’s take a look at each and how they could help you get that boost you need to get even more competitive loan offers.
1. Experian Boost
Official Site: https://www.experian.com/consumer-products/score-boost.html
On the website for Experian Boost, Experian explains that this is a program which can result in an instant increase to your score.
Signing up for Experian Boost provides your permission for your phone and utility payments to be released to Experian.
When Experian is able to view data on these payments, they can be used in credit score calculations.
You’ll receive a free Experian credit report and FICO score when you sign up so that you can see whether your score has improved.
Experian says that the average score increase has been 13 points. But some consumers may see a more sizable jump in credit score.
There is no cost for this service. All you need to do is sign up, provide the information on the bank account you pay your utilities and phone bills from, and select what payment history information you want to share with the bureau. Once you do that, you will be able to find out right away how much your credit score has jumped.
Official website: https://www.fico.com/ultrafico/
Another program Experian is involved in which seems to be less well-known than Experian Boost is UltraFICO. Here is how the program is described on the official site:
“An UltraFICO™ Score can unlock more credit opportunities for millions of hardworking people. You empower your UltraFICO™ Score. By simply and securely linking with your checking, savings or money market accounts, your UltraFICO™ Score can enhance your FICO® Score based on indicators of sound financial behavior. By opting in, you could broaden your access to more lending options and better terms.”
So, this program is similar to Experian Boost. But instead of taking your utilities and phone data into account, the new UltraFICO score is modeled with the following information taken into account:
- How long you have had your bank accounts.
- Whether or not you are maintaining a certain minimum balance.
- How often you make transactions through your accounts.
- How recent your transactions are.
Keep in mind that this is a newer program and that only select lenders are currently looking at UltraFICO scores.
We Can Give You Additional Credit Score Tips and Match You With a Competitive Home Loan
These two programs can help increase your credit score quickly in the weeks or days leading up to your application for a mortgage. But there are other ways you can also raise your credit score rapidly.
You also can qualify for a competitive home loan in California even if your credit score is not perfect. It is just a matter of partnering with the right CA mortgage company that is willing to put time into matching you with the loan product which will meet your needs.
At Bridgepoint Funding, we can offer you further recommendations for enhancing your credit score, and can connect you with a loan you can afford. To schedule your consultation now, please give us a call at (925) 478-8630.