Raising Your Credit Score

With all of the changes in our industry many people have questions about how they can raise their credit score after some financial challenges.   Every credit report is different, but one of the main things that most people can do to raise their score is to pay down the balances on their revolving accounts (credit cards). 

If you owe more than 70% of the available balance on a credit card, that counts against you the most.  If you owe between 50% and 70%, that counts against you a little bit less.  Between 30% and 50% doesn't hurt your score very much at all.  Below 30% will give you the best score. 

Very often, paying down the balance on a credit card from more than 50% to less than 50% can have a dramatic effect on the score.

If you have any questions concerning real estate, please don't hesitate to give me a call.

Susan