When a mortgage broker fishes for your credit score, you get a number back -- like 687 -- and a list of "key factors" behind that number. Obviously some key factors, like "insufficient length of credit history," which showed up on one of my reports -- you can't do much about. The fastest factor to knock down is the one that shows what level of revolving debt you're using. If you have a Visa or a MasterCard with a limit, and you're not paying it off in full every month, you're getting penalized for carrying that balance. Even knocking the balance down from 40% of your cap to 24% should help pop your score a little. The advanced tip -- which I'd like John to weigh in on since this is his area -- is that you can be penalized for using part of your cap even when there theoretically isn't a cap. There's more in this great Ken Harney column here:

Hey Erin! As long as you are not taking any cash out of your home when you refinance, and your loan amount compared with the appraised value of your home is below 80%, a 687 credit score will not prohibit you from getting the best rate available. While it is true that as of March 1st 2008 credit score does influence your mortgage rate see my blog post here:, it is only for scores below 680. Given the recent upward trend in mortgage rates (http://mortgagevirtuoso.thewrittenblog.com/?p=2021&comment=true , ), and the mortgage market volatility, the risk of waiting is definately not worth any bump in your score.

Since we're all about Stackers and how you rank.... A FICO score of 687 ranks you in the 46th percentile nationally and the 40th percentile in NY (I made the assumption you live in NY) The mortgage lenders that I've talked to are telling me that a 687 isn't getting you the best deal, but that's not my area of expertise so don't take that comment to the bank. I can tell you that in today's ecomonic environment a 687 isn't guaranteeing you the best deals that lenders and insurance companies have to offer. So, let's get to work on it... Step 1 to improving your credit scores is you have to find out why you're at 687 rather than 787. Otherwise we're just guessing and that's never a good idea because you can do more damage than good. It sounds like from your previous question that you have some payment problems. Those will correct themselves with time, but you have to stop the late payments. Save you and I sitting down and doing a diagnostic on your credit reports and scores there are two other places I suggest spending time.... Fair Isaac's consumer site, which is www.myfico.com and Credit.com's Learning Center