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Improving Credit Score - looking for tips for a client

By Shawna Gibson

Real Estate Agent with Coldwell Banker Burnet

December 17, 2007 06:55 AM

I have info from a couple of years ago from different lenders on how consumers can improve their credit scores. With scores becoming increasingly more important, and because they are being used in so many different ways, I'm wondering if there is new advice for our clients on how to get scores up. If you, a client, a lender etc. has found a way to improve their score, please share the info. Thanks!

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Jeff Fullmer

FM Properties - Idaho Falls, ID

Real Estate Investor/Financier

I just posted some info about this on my blog today and below is the picture that I inserted. There is a lot of info out there and this pie chart is one of the best ways to summarize what effects your score. It is good for you to know the basics but refer your clients to a financial professional who can incorporate improving your clients scores along with getting them a mortgage!

Jeff Fullmer --Real Estate Loan Expert

Dec 17, 2007 07:02 AM

Shawna Gibson

Coldwell Banker Burnet - Minneapolis, MN

Jeff - thanks! This is a great pie chart. I will check out your post, too.

Dec 17, 2007 07:10 AM

Kevin McGrath

Long & Foster Real Estate Companies- Fredericksburg/Spotsylvania - Fredericksburg, VA

Long & Foster Real Estate Companies

Hi Shawna,

I in no way have ANY proof that this works, but years ago, when I hit a bump in the road, I tried it, and my score went up. Again, I have NO PROOF THAT THIS IN ANY WAY HAD AN IMPACT.

I would go out, charge some high dollar stuff in my card. Then I would go home and pay it, maybe a day or two later. On my credit report it would show a pretty high "average usage", but a zero balance as I was paying before it hit my statement.

Again - complete disclaimer here - could all be coincidence.

Dec 17, 2007 07:20 AM

Shawna Gibson

Coldwell Banker Burnet - Minneapolis, MN

Kevin - interesting. I'll check that out. Thanks

Dec 17, 2007 07:42 AM

Chris Pollinger

Berman & Pollinger, LLC. - San Diego, CA

Consulting for Luxury Teams and Brokerages

Paying off all of the revolving debt tends to be one of the fastest and most dramatic ways to bump FICO's.

Dec 17, 2007 08:01 AM