Marketplace Home Mortgage: Brian Quigley

It is no question that CREDIT SCORE is one of the biggest drivers in what will be your final interest rate when applying for a home loan. The following are 10 tips to make sure you KNOW before you GO and get involved in a new home purchase and going UNDER CONTRACT.

1. OPEN TRADELINES – It is imperative that to have a high credit score that you have OPEN TRADELINES. Whether it be a student loan in repayment, a credit card, or an auto loan, these are all considered OPEN LINES OF REVOLVING CREDIT, and the only way to build credit is to HAVE CREDIT. If you have no credit cards, no debts and liabilities, that is all fine and dandy, however it does absolutely NOTHING in helping you qualify for the best interest rate possible. UNDERWRITERS want to see a credit history. THe better the history, the better your score.

2. LOW DEBT TO HIGH LIMIT BALANCES – Let’s say you have all the above. Student Loans, Credit Cards, and an Auto Loan. You have a $2500 Capital One Card with a $2400 balance, and a VISA Card with a $500 limit and $500 balance. You have no lates on any credit cards, and you pay your bills on time. Between the two cards, you have REVOLVING CREDIT of $3000, however you are MAXED OUT on both cards, and only currently have $100 in available credit. This will drastically reduce your credit score because you have no REVOLING CREDIT LEFT. It is imperative that on all credit cards, you maintain a 35% DEBT TO HIGH LIMIT BALANCE BEFORE applying for a home loan. You should have no more then an $875 balance on your Capital One Card, and a $175 balance on your VISA. This will ensure that your scores will remain high, because you are responsible about your revolving credit, and not MAXING IT OUT.

3. AVOID 30 day lates – You can be 29 days late, as long as your creditor does not report you as 30 days late, which they will do, if you do not pay your bills on time. This is the day that they will report you as derogative on your account, and things like this will crush a score, and will be harder to remove later. Even if it is a minimum payment of $15, make it!!! You are costing yourself thousands of dollars in lost interest, if you do not follow this guideline.

4. COLLECTIONS – Collections are when your credit card goes into default, and is picked up by a collection agency. At this time, you probably have 3-6 30 day late payments, and this can really kill a credit score. Call the Collection Agency, and pay this debt immedietely. Usually they bought your debt for 20% on the dollar, so you can negotiate with them for a less then full settlement. Get this done!

5. LIENS, JUDGEMENTS – No financial institution will finance you for a home loan if you have any outstanding liens and judgements. Clear this up through the county, and get these off your record, BEFORE you apply for a home loan.

There are other tips and tricks to help drive your score, however the above 5 should ensure you a non-event of surprise when applying for a home loan. For a FREE copy of your credit report, you can go to

If you have questions about applying for a home loan, and want to know what you need to get pre-qualified, please call me at 720 524 3215 or go to my website at  and click APPLY NOW!

Check Out Our Reviews on Zillow!CLICK HERE
Start Your Mortgage ApplicationAPPLY ONLINE

Join our Newsletter to receive latest home buying insights.

See what our past clients are saying about us.

Get the information you need here.

Don't Take Our Word For It, Our Satisfied Clients Say It All

Check out the testimonials from our happy customers below


He was very professional and knowledgeable

we have closed several loans with Brian. He was very professional and knowledgeable on each. One of our loans had a few problems arise and he was very creative in finding solutions so that w…Read More

Closed purchase loan. Littleton, CO

Thanks for all of your hard work and patience

Brian, Thanks for all of your hard work and patience with me throughout the entire home buying process. You exhibited extreme understanding with my specific situation and helped me improve m…Read More

Jen, Security-Widefield, CO

Thanks a million, Brian!

A true pleasure to work with. Very friendly, polite and knowledgeable. I will do business with him in the future and will gladly refer people his way; Thank a million, Brian!…Read More

Closed purchase loan. Parker, CO