Buyers and sellers, the better your credit score, the better interest rates you will be able to negotiate with your bank or lender. A credit score of at least 740 will give you the best rates. This number is an average of the three credit reporting bureaus- Equifax, TransUnion and Experian. Consumers with the highest scores are generally considered to be the lowest risk when it comes to lending, insurance, etc.
So how can you improve your credit score?
1) Pay all your bills on time, not within the grace period but on time.
2) Do not have too many credit cards or installment payments. Too much credit can get you into trouble.
3) Keep your balances low. Maxing out your cards is going to affect your credit score adversely.
4) Start paying down the highest rate cards first, while still making the timely payments on the others.
5) Use your credit responsibly. If someone offers you money off just for filling out an application, decline the offer. It may not be a good deal for you.
6) Check for accuracy on your credit report at least yearly.
7) When shopping for a loan for a home, do so at 2 or 3 places within a 30 day period. Do not go all over town looking for the best rate. This will bring down your score.
8) If you find discrepencies on your report, dispute them immediately.
9) Always guard your information. if something sounds too good to be true, it probably is.
10) If you are declined credit, find out why and how to repair the issues.
Most of all use common sense. Your goal is to be able to get the best rates on loans, insurance, etc. Even some employers will check your credit. The reasoning is a person with a good score is likely to be responsible.
Search for your real estate at www.SelectAnn.com. 24/7
© 2008-2009 Ann Hayden, All rights reserved
Original article by Ann Hayden agent with Prudential Select Properties Wildwood, Chesterfield, Ballwin Office. Ann Hayden is committed to your goals while educating you in the home buying & selling processes. Please call or text Ann Hayden today to get started 636-399-7544.
Real estate needs: www.SelectAnn.com.
Ann Hayden Realtor St. Louis Missouri
For All Your real estate needs: www.SelectAnn.com
© Ann Hayden, 2008-2009.
Hi Ann, Great post and great ways to improve your credit score. Thanks for being a permanent fixture on my blog even when you haven't commented yet - very weird!
Sandy,
Thank you for stopping by and being a permanent fixture on my blogs too!!
You are such an awesome friend,
Ann
Thank you for sharing some solidy advice on how to protect your credit store. So often I am offered opportunities to save 10% or $20 off if I open an account at a business. My common reply is, No Thank you! And there is a reason for that. Thanks for pointinng it out!
Jennifer,
You are quite welcome. I never say yes to those offers....;-)
Ann