No Comments

How To Improve Your Credit Score


Gone are the days when lenders would look at an applicant’s credit report and not be directed by a credit score. And like so many people in today’s economy, you’ve had some derogatory credit in the past but your financial future is looking up. Now you have applied for a loan and the loan originator has come back and told you that you were denied because you did not meet their minimum credit score requirements.

So, before you start home shopping, go take a look at your Credit Score and access your free credit report from all three agencies, Transunion, Experian and Equifax. You can do it every 12 months and it does not show as an inquiry on your on your report. If you see any accounts that are not yours, or that you have paid off, or have reported erroneous information, file your disputes and get it corrected ASAP.


A Few Things To Keep In Mind For Improving Credit Scores

Pay your bills on time

Keep your revolving accounts/ credit cards with a balance of no more 30% of your high credit limit

Don’t close accounts as a short term solution to improve credit- it doesn’t work!

Don’t open a lot of new accounts- it can look risky to a lender AND it can lower your account history age.

Don’t allow numerous creditors to pull your credit

Have credit cards but just manage them wisely- a good mix of credit cards and installment debt helps improve scores if paid on time.