5 ways to build up your credit in 2017

By
Real Estate Agent with Austin Skyline Realty Inc. 650995

Start of the year is a great time to review your finances. As 2017 starts, make an effort and get into the habit of reviewing your bills and inspect them for ways to save money.

 

You may have added cell phone plans, changed cable and internet subscriptions, and signed up for trial offers (which automatically turned into pay subscriptions). Call your service providers to see if you can take advantage of new promotional offers or remove services that you are no longer using. Common bills to review for savings are cell phones, cable TV, internet service, home phone, streaming video services, and other online subscriptions services.

 

Additionally, monitoring your credit report and your credit rating is important, especially if you're considering purchasing a home. Here are a few tips for improving your credit. It's not about quick fixes, but responsible financial activity over time.

  • Get a credit card: This may seem counterintuitive, but when used correctly, a credit card can be an effective tool for building credit. Charge a few budget-conscious purchases each month, and pay the balance off before your due date.
  • Keep your balance low: This is the other side of the coin with credit cards. Try to charge only for items you could pay for out-of-pocket, and try to stick to a balance of around 10 percent of your credit limit.
  • Fix credit errors: You're entitled to free credit reports each year, take advantage of it and review yourreport for possible errors, such as incorrect limits or closed accounts.
  • Leave paid debts on your report: Paid off debts like car loans show that you have a history of paying your debt on time.
  • Ask a lender: If you're looking to pay off a debt quickly, it can't hurt to ask the lender to lower your interest rate. You can't get what you don't ask for!

 

Following these steps will help you (re)build your credit and earn a higher score. Lending institutions have a set or criteria for their mortgage loans and ultimately make judgement about the risk of loaning you the money based on your past financial behaviors. These steps help you make their decision in loaning you money easier!

 

Best wishes!

Posted by

Moe Dadseresht

Austin Skyline Realty, Inc.

 

  •  p:  (512)740-6945             c: (512)740-6945
  •  w: www.moeproperty.com  e: moe@moeproperty.com
  •  a:  11507 Hare Trail
  •       Austin, TX 78726
 
       Texas Real Estate Commission
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Rainmaker
127,083
Diana White-Pettis
Exit Bennett Realty - Upper Marlboro, MD
GRI, CDPE, CNE, Upper Marlboro Homes for Sale

Moe, these are important tips for buyers interested in purchasing a home and for consumers who just need to exercise responsible financial activity over time. Great post.

Mar 15, 2017 06:28 PM #1
Rainmaker
57,076
Moe Dadseresht
Austin Skyline Realty Inc. - Austin, TX
Buyer/Seller agent

 

Thanks Diana White-Pettis 

Mar 15, 2017 06:30 PM #2
Rainmaker
2,058,696
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Moe Dadseresht These are very helpful tips to build credit in 2017.

Mar 15, 2017 06:50 PM #3
Rainmaker
223,218
Jim Cheney
Saint Francis Property Santa Rosa, CA - Santa Rosa, CA
Rincon Valley Realtor 707.494.1055

Another tip I've heard is don't close your unused CC's.  Longevity is important as well. 

Mar 15, 2017 09:30 PM #4
Rainmaker
57,076
Moe Dadseresht
Austin Skyline Realty Inc. - Austin, TX
Buyer/Seller agent

 

Good point Jim Cheney , but too many open CC is also an issue.

Thanks.

Mar 15, 2017 10:32 PM #5
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Rainmaker
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Moe Dadseresht

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