How to Improve your Credit Score

Let’s talk credit. It’s very important! It can determine whether you get approved for a home loan or not, and can save you a lot of money on the rate you’re going to pay if your credit score is good.

Of course, you want to make your payments on time, but how can you actually improve your credit score? What can you do?

Here’s a couple of little known secrets:

First, keep the balance you owe on any of those accounts below 30% of the credit line. For example, if you have a credit card with $1,000 limit on it, keep your balance to $300 or less.

Second, what if your balance is higher than that and you can’t bring it down? You can go to that credit card issuer and ask them if they’re willing to give you a higher limit. By bringing the limit up, the amount you owe becomes a smaller percentage of your limit. That will help increase your score.

Lastly, don’t close off any credit lines that you have from the past. This is good history that you’ve built up, you want to keep that good history. It’s like getting straight A’s in high school and not wanting to show the report card. Keeping good history will help your credit score.

These are only a few quick tips for you, and I hope they help! If you need any more information, give me a call, I’d love to review your situation and help you formulate a plan to improve your credit so you can get in a home. 801.206.4343