There's no question that computerized scoring models which almost instantaneously judge a would-be borrower's creditworthiness have enabled more people to obtain mortgages, possibly even at lower rates than if their applications had been underwritten the old-fashioned way.

But since the number assigned to borrowers by the software represents a snapshot of your credit record on the particular day it was calculated, your score can actually change from one 24-hour period to the next. As long as you continue to use credit wisely, though, the number usually won't shift enough to impact your ability to obtain funding.

Every once in a while, however, the number changes drastically and through no fault of your own.

While the three credit bureaus have all updated their scoring models, some lenders are "all over the park."

Some loan officers could do more harm than good if they advise borrowers incorrectly about how to improve their grades.

Still, if it is necessary for a borrower to earn a better score in order to obtain a lower rate or gain access to a particular loan product, borrowers should give the most attention to new blemishes on their credit reports and pay less attention to old ones.

One single derogatory item won't nail you to the wall unless it happened yesterday.

It is an absolute mistake for borrowers to pay off judgments and liens that are more than two years old because old events automatically become brand new items on the credit report.

Past dues (within the last two years) can submarine you. They are right-now, in-your-face killers, so pay them off right away. But do not pay off a five-year old event. If the lender requires that a judgment be paid off, pay it off at closing, not before.

Also avoid closing out old unused credit accounts or paying active accounts down to zero before submitting the loan package.

Credit scoring models look more closely at the amount of debt used in relationship to limits than at how much money is actually owed. If you want to see your score improve quickly, pay down your cards to 30 percent or less of the available credit.

To go any lower is a waste of time and money. You're not getting anywhere. If you have excess dollars, get the balances of all credit cards down. You are far better off spreading out credit over three or four cards than have big outstanding balances on just one or two cards.

Another reason to avoid closing out old cards, or rolling over older balances into a single credit card, even if it has a lower rate: The longer someone has credit, the more opportunity the software has to review how they handle it.

A seasoned file is going to score higher than a new one because it represents lower risk. Don't consolidate; it sends your score into the basement.

When you're ready to start househunting, visit www.OpenHouseCafe.info