Even with falling debt and fewer late payments the average credit score for Norfolk consumers by by one point. It went from 741 to 740. It may not sound like much but in Experians latest "State of Credit" Norfolk fell eight places. This report is put out yearly by Experian a major credit reporting company. Their credit score is called VantageScore and is similar to the more widely known FICO scoring system.
Your credit score is important because the higher it is the less banks will ask for additional documentation. In addition you can qualify for better terms with some credit extending places, especially when purchasing a new or used car or even a new home for your family.
Several ways to increase your score are to make sure you make all your payments on time, every time. Your utilization rate: your balance compared to your credit limit. There are many other factors as well but those are the ones that will affect the scores the most.
With these type credit scores a Norfolk resident should be able to purchase a home for themselves or possibly get into a investment opportunity. Call me for details.