5 Tips to Keep or Improve Your Credit Score
We all dream of owning a new home in a new community for most of our lives. The increase in interest rates and decrease in available loan programs has made it more difficult to qualify for a home loan. The number of variables that determine an individual score make it impossible to say that one particular action will increase a credit score by a certain number of points. Below are some tips that will help you maintain your good credit rating, or help improve your current credit score, so that you will have more options in securing your desired Arizona real estate loan.
1. Monitor your credit report often.
Note that it is acceptable and reasonable to request and verify your own credit report. This will not affect your score, given that you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers. Look for errors that could be affecting your score such as accounts that do not belong to you, payments reported as late that were actually paid on time, satisfied debts that are shown as outstanding, or old debts that should have been removed. (Negative account records should be deleted after seven years, with the exception of bankruptcies, which can stay for as long as 10 years). After mending errors, the fastest means to a better rating is paying down balances on credit cards.
2. Pay down high balances on credit cards.
Contrary to what many credit advisors say, paying off credit cards each month is not always the best solution to improve your credit rating. Make your credit card payments, but keep the rolling balance between 25-35% of the credit limit. Paying the balance in full may actually lower your credit score. Accounts with zero balances do not compute significantly in your total score. Any balance keeps the card active so it calculates into your credit score. Even out your credit card usage by transferring the balance from a card that is near its limit to other lower balance cards.
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Pretty good tips. Here are some other methods to help with credit repair. http://www.creditrepairpremier.com/your-ten-step-credit-repair-guide
Davids last blog post..Ten Steps to Increase Your Credit Score
Great tips! Especially around this time of year it is important to keep your score high. Thanks.
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