4 Ways to Increase Your Credit Score
Good credit is a key indicator of your financial responsibility, and to finding the very best rates on loans, credit cards and more. If you already have excellent credit and simply want to preserve your rating, or if you feel your score could be higher... here are a few tips to help you proactively manage your credit:
- Pay all your bills on time! This is such an important factor in building and maintaining good credit. Creditors see late payments as a red flag, and they will negatively impact your overall score.
- Pay down (or off) debt. Carrying too much debt can be very stressful, and expensive – but it can also hurt your credit score. So instead of transferring your debt to cards or loans, make the commitment to eliminate it.
- Apply for new credit only if you absolutely need to. Each time your credit is checked by a lender or otherwise, it impacts your score.
- If you do have credit cards or other revolving credit accounts, keep balances low. Continually maxing out your available credit is another red flag for the credit bureaus.
Just remember, your credit score is a snapshot of your debt (and potential debt). So it’s important to take it seriously, and stay informed about your status. For example, we recommend visiting www.annualcreditreport.com at least twice a year to review your own credit report. This not only gives you a full picture of what lenders might be seeing, but it allows you to spot any errors that you should then report to the credit bureaus.
For more help, or additional tips to boost your credit, please contact us today.