Keys to Improving Your Credit Score
Are you in the market to buy or home? Re-Finance? Or simple want to improve your credit? Here are some great tips you can easily do on your own to help dramatically improve your credit. Have questions, feel free to contact me anytime – 775-762-6963
1: Keeping your balance under 30% of the available credit is ideal for optimal scoring, however under 50% will boost your score
2: Consistency is a huge part. If you start to utilize your credit in ways that are abnormal, you could see a drop in score. If you typically keep your ratios of balance versus limit really low and then quickly rack up some debt, your scores will be affecting on a higher level than normal.
3: Don’t be 30 days late, if you are going to be contact the creditor, try and work something out. Believe it or not, they can be very helpful.
4: Manage your inquires strategically. If you want to shop for a mortgage, car loan, etc once you pull your credit with the first lender, try and do your shopping with 15 days to pull your credit with multiple lenders and you will NOT be hit multiple times. – this is one of the biggest unknown TRUTHS of pulling your credit. I will say AGAIN, pulling your credit DOES NOT ruin your credit.
5: Never close an account that is in good standing, keep it active – buy some gas or groceries on a card and pay it off before the month due
6: The older the account, the better – refer to #5, don’t close accounts
7: Do not automatically think that by paying off collections your score will rise. It may actually go down for awhile – once paid request the creditor to report to the 3 bureaus to remove – and FOLLOW UP on this by calling the bureaus yourself, or getting a free report at each bureaus site – Experian, Transunion, and Equifax
8: Remove your disputes if you have any. These accounts will not be factored in your scoring model if it is in dispute – easily done by calling the 3 bureaus and telling them to remove.
Again, never hesitate to contact for advice and help
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