Improve Your Credit Score Can Save You Thousands $$$.

By
Real Estate Broker/Owner with DMK Real Estate Ct RE Broker 0789963

Improve Your Credit Score Can Save You Thousands $$$.

WSJ weekend article tell us that with higher credit scores you can general borrow more money with lower rates on mortgages, get better rates on car loans, better deals on credit cards and even lower home and auto insurance rates.

The three main credit reporting agencies are Equifax, Experian and TransUnion. Experian Credit Reporting agency is now tracking rent payments that can help increase your credit score.

FICO credit scores are on a scale from 300 to 850 with most lenders considering that 720 and higher being prime borrowers.

Five factors go into a FICO credit score:

  1. Payment History accounts for 35%, so simple paying your debt on time is key.
  2. Over all amounts owe accounts for 30% of your score, the less you owe the higher the score. 
  3. Credit History accounts for 15% which favors borrows with a long history 
  4. Diversity of Credit accounts for 10%, the ability to handle different types of credit/loans.
  5. Recent Credit applications account for 10%, high multiple requests can affect your score.

Some quick tips to improve your credit scores are:

  • Pay your debts on time.
  • Pay your credit cards ahead of time. 
  • Spend less on credit cards and pay off card balances.
  • Keep your debt to limit under 10%. Example if your credit card limit is $10,000, use no more than $1,000.
  • Use no more than two credit cards.

Consumers can check there credit reports once every 12 months for free at AnnualCreditReport.com. Otherwise you can request reports for a fee from the individual reporting agencies.

 

To read more of the WSJ article on credit scores and how it improve click on “How to Perfect Your Credit Score

or here https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#tbm=nws&q=how+to+perfect+credit+score+wsj 

 

 

 

 

For more information on home buying and selling in Fairfield County, Connecticut contact DMK Real Estate in Darien.

 

 

Posted by

David Popoff
Connecticut Licensed Real Estate Broker
Realtor® Green
Seller Representative Specialist
Accredited Buyer Representative
candidate
LEED AP Homes

 

DMK Real Estate, Darien, CT.
Cell (203) 228-0646
DMKrealestate.com

 

 

 

DMK Realty, 06820 

 

 

 

 

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Rainmaker
1,823,167
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

My husband and I are very proud of our excellent credit history.  It has come in handy many times!

Jan 12, 2015 12:28 AM #1
Rainmaker
755,000
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Sharon so true, over a life time you could save thousands of dollars with high credit scores, something that should be taught in high school.

Jan 12, 2015 12:32 AM #2
Rainmaker
169,828
Trisha Bush-LeFore
Preferred Properties Land & Homes - Walla Walla, WA
Providing Realtor Services in the Walla Walla Area

David,

This is a great post, lots of pertinent helpful information. I will definitely share it with my clients.

Jan 12, 2015 02:18 AM #3
Rainmaker
3,045,765
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

David, excellent post, and so important if you plan to buy a home or a car, even insurance!   

Jan 12, 2015 10:30 PM #4
Rainmaker
913,696
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

One other thing, don't cancel the credit cards....that can hurt your score, too.  Great post, David!

Jan 13, 2015 03:58 AM #5
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Rainmaker
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David Popoff

Realtor®,SRS, Green ~ Fairfield County, Ct
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