Let’s talk credit, it’s so important! It can determine whether you get that home or not, and save you a lot of money on the rate you’ll 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 tips to help you boost your credit score this summer:
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 $1000 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? Well, 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.
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, but throwing away the report card. Keeping good history will help your credit score.
These were only a few tips, there are many other strategies that can help boost your credit score. If you would like more information or tips for your credit score give me a call, I’d love to review your situation and help you formulate a plan to improve your credit this summer.