Second Mortgage Outlet provides fixed rate second mortgages for debt consolidation with efforts to increase credit scores and save more money with reduced interest loans Credit scores have been known to jump after debt consolidation with a second mortgage loan. It is no secret that paying off revolving debts with a 2nd mortgage can increase your fico scores dramatically.

Your credit score is a scientifically-determined number between 300 and 850. This number indicates the level of risk a lender takes in lending you money. You have three credit scores--one for each of the three credit reporting agencies: Experian, Equifax and TransUnion. While the formula for calculating credit scores is complicated, the following is the general breakdown, according to myFICO.com, a subsidiary of Fair Issac & Co (creators of the FICO credit scoring system):

• 35% - Payment history on credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.
• 30% - Amounts owed including number of accounts with balances, proportion of balances to total credit limits, proportion of balances on installment loans to original loan amounts, etc.)
• 15% - Length of credit history (time since accounts opened, time since account activity, etc.)
• 10% - New credit (number of recently opened accounts, number of recent credit inquiries, etc.)
• 10% - Types of credit used, meaning the number of credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.

Home equity loans are a popular way to refinance revolving debt and debts with variable interest rates. They are also a popular way to eliminate compounding interest and quickly improve credit scores. Remember, 30% of the weighted factors in your scores are your account balances. Paying them off by refinancing your debts with a second mortgage will quickly raise your scores provided you don't drive your balances back up by overusing your credit cards.

Second mortgages offer fixed interest rates, in most cases. And, there are valuable tax deductions with a 2nd mortgage. You could claim up to a 100% deduction on the interest you pay on your 2nd mortgage that you can't claim on credit card interest or interest on other consumer debts.

Before you shop for your loan, get a copy of your credit reports and check them for errors. Under the Fair Credit Reporting Act (FCRA), each of the credit reporting agencies must provide you with a free copy of your credit report once every 12 months. Call 1-877-322-8228 or visit www.annualcreditreport.com. If you find errors, dispute them with the credit bureaus and get them removed or updated. Sometimes, you may have to contact the creditors directly to get your reports updated. You could save a lot of money in interest rates and fees by removing just one erroneous item, so it's worth the effort and persistence it takes to correct your credit reports.

After you pay your balances, don't close the accounts, or you lose your valuable credit history and your scores could dramatically decrease. Instead, cut up the cards, lock them up or otherwise put them out of your reach until you get to a point where you can responsibly use them. Then, use them sparingly and keep your balances low.

•	Refinancing Credit Cards
•	Second Mortgages for Bill Consolidation
•	Fixed Rate Mortgages
•	Credit Lines Available
•	Refinance Adjustable Interest Rate Loans
•	Debt Consolidation Solutions