Mortgage News and Notes

You're awesome...shouldn't your credit score be too?

April 9th, 2015 1:20 PM by Steven Hofberg

Quick Credit Guide

Are you thinking about buying a home? Use this guide to boost your credit score!


 

Establishing Credit

 


·         Get one or two credit cards to grow your credit history

·         Debit cards do not count towards your score

·         Use the card/s each month

·         Pay them off each month

·         Pay on time

·         If you cannot get a credit card, get a secured card by putting money “down” on a bank card

 

Building Credit

·         Increase the credit limit on your cards

·         Keep track of your debt-to-credit limit ratio. You should aim for a ratio of 30%, but the lower the better. 

·         Don’t close old, paid-off debt – it looks good on your record (like getting A’s in high school)

·         Pay off disputes and then fight them (cable companies, medical bills, etc.)

·         Limit inquiries on your credit report

·         Monitor your credit – www.annualcreditreport.com can give you all three bureaus once a year (checking one bureau every 4 months will give you an idea of how your credit score is doing).

 

 


 

Posted by Steven Hofberg on April 9th, 2015 1:20 PM

Archives:

My Favorite Blogs:

Sites That Link to This Blog: