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How To Improve Your Credit Score
There is no quick fix if you want to raise your credit score. It takes time and diligence. Here are some do’s and don’ts:
DO pay your bills on time. It is the most obvious advice, but it can also be the hardest to follow. DO keep credit card balances low and pay off debt when possible. One rule of thumb: Don’t use more than 25 to 30 percent of your available credit. DO get current and stay current if you have missed payments. DON’T close unused cards just to try to boost your score in the short term. You will only raise the ratio of your current balance to your credit limit, and that can lower your score. Plus, closing your oldest accounts will shorten the average length of your credit relationships. DON’T open accounts if you can avoid it. Not only will having more available credit make it look like you could overextend yourself, a new account decreases the average age of the accounts on your record – and that can lower your score. DON’T fall for any pitch from a company claiming it can instantly clean up your credit report and get you a higher credit score. There is no magic bullet. Source: Fair, Isaac & Co.
For More Information, contact:
Valerie Messina at 973-768-8094 or Carolyn Messina at 201-247-3887 |
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Valerie Messina,
Licensed Mortgage Banker