10 Easy Steps to a Better Credit Score

By
Real Estate Broker/Owner with Keller Williams Realty Texas Broker 524520

Austin Texas - A good credit score makes obtaining a mortgage easier, but did you know that people with good credit scores also pay less for insurance and get access to the best credit card rewards? A good credit score is 700 or higher, with anything above 750 considered stellar. A score of 580 or below is considered bad, but even people with scores of 620 will find getting access to loans or credit cards with reasonable terms somewhat difficult. So what are some simple ways to get your credit score up?

How to Improve Your Credit Score in 10 Easy Steps:

Check All 3 Credit Bureau Reports – Get in the habit of regularly checking all your credit scores and reports. After your check all of your credit reports for errors; go fix all the errors.

Build a Credit History – Use both types of credit to establish your history: revolving (credit cards) and installment loans (mortgages and car loans). Remember, no history is just as damaging as a bad one.

Dispute Inaccuracies Promptly – Don’t wait until your credit score drops to flag inaccuracies. Dispute them immediately with one of the major credit bureaus.

Apply for Credit Carefully – Avoid making too many credit applications in a short period of time.

Pay Off Debt Quickly – Pay off your credit cards in full every month and reduce your loans as quickly as possible by making extra payments.

Curb Your Spending Habits – Keep your balance below 30% of your available limit. Racking up credit card debt can damage your credit score even if you pay it off in full every month.

Pay Bills on Time – Whenever possible, pay your regular household bills on time and in full.

If You Miss Payments - Start sweet talking. Call up your lender and sweet talk them into removing the flag on your account before they report it to the credit bureaus.

Pay More Than The Minimum Balance - This is easier said than done, but you're only doing credit card companies a favor by paying their puny minimum balance each month.
 
Don't Close Old Accounts - Cutting up your credit card and closing the account may seem like an appropriate way to celebrate after making your last payment, but you won't do yourself any favors. Credit history factors in your credit score and keeping older accounts open and paid in full shows lenders that you have a long track record of good behavior.
 
The bottom line: Rebuilding credit is a marathon, not a sprint. It won't happen over night, but follow these tips and you'll be on you way to a better score this year.

 

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Many thanks for reading our Real Estate Blog. George Kiefer is a Real Estate Agent and Broker at Keller Williams Realty in Austin Texas. This is not intended as investment, legal, technical, or tax advice. This information is provided as a courtesy to our viewers to help them make informed decisions.The views expressed here are George Kiefer's personal views and do not reflect the views of Keller Williams Realty. George Kiefer is a licensed Broker in the State of Texas (License 524520). He also holds the following designations: Certified Distressed Property Expert© (CDPE), Graduate REALTOR® Institute (GRI), and Certified Luxury Home Marketing Specialist© (CLHMS). George Kiefer specializes in Luxury Homes, Seller Representation,  Buyer Representation, Internet Marketing, Foreclosures, Bank Short Sales, Relocation, REO (property owned by lenders), Multi-family, and Broker Price Opinions.

  

George Kiefer, Broker
GRI, CDPE, CLHMS
Keller Williams Realty
Cell/Text 512-970-0709
GeorgeKiefer@gmail.com
http://KieferGroup.com
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