Credit scores are used to approve or deny a construction loan for a new rental property or for a permanent mortgage. Other factors such as income and assets certainly play an important part but without a proper score, income and assets may not be enough to get someone across the finish scores

Even those that do have a minimum score, lenders can assign higher interest rates meaning less cash flow each month for the investor or worse, not qualifying at all. What are two quick ways to boost a score?

Banks use the FICO mortgage scoring model and there are five factors, each contributing to the final number. These five categories are payment patterns, available credit, length of credit history, types of credit and credit inquiries. Of these, the first two make up 65 percent of the total score with the remaining three bringing up the rear. This means concentrating on the first two and doing so, the rest will fall into place.

Payment patterns simply mean how you pay your credit cards, auto loans and mortgage. Credit scores begin to fall when a payment is logged that is more than 30 days past the due date. Making sure the payments are made on time is the single biggest influence on a score, with a 35 percent impact.

The next most important category concerns the amount of available credit you have. The score takes into account your credit lines and your current balances. The ideal amount benefits you the most when your trade balances are about one-third of your credit limits. If there is a $10,000 credit line and a $3,000 balance, credit scores march upward.

If you keep balances within this range and make sure your payments are made on time, your scores will naturally improve. Overnight, no. But over the next few months your scores should begin to rise and continue to do so as long as you keep your eye on the two most important categories.