Time magazine offers suggestions on how to increase FICO scores

The Mortgage Bankers Association recently released information about how many mortgages banks processed in the first quarter of the year. In the report, as noted by Mortgage News Daily, nearly 50 percent of the loans approved were given to those who had a credit score over 750.

As Time magazine states, this is the latest indication that lenders are restricting borrowing to only the most qualified of borrowers.

To get credit scores up, Time has some suggestions.

For instance, the magazine says borrowers should be careful not to charge too much on their credit cards because that can inflate their credit utilization ratio j- a factor that accounts for roughly 30 percent of their credit score. Ideally, according to Dana Dratch of Bankrate.com, consumers should charge their credit cards for something small every couple of months, which will help avoid overwhelming debt in addtion to keeping a beneficial utilization rate.

Another tip for borrowers with bad credit is to keep a watchful eye on their credit report information. Both inaccuracies and unfairly reported marks can cause an unwarranted drop in people's scores, which is why it's important they monitor their credit records and challenge any questionable marks.

If consumers are unfamiliar with how to do this, they may want to work with a credit lawyer who can help the consumer draw up the information they need to make a compelling case.