Austin Texas - A good credit score makes obtaining a mortgage easier, but did you know that people with good credit scores also pay less for insurance and get access to the best credit card rewards? A good credit score is 700 or higher, with anything above 750 considered stellar. A score of 580 or below is considered bad, but even people with scores of 620 will find getting access to loans or credit cards with reasonable terms somewhat difficult. So what are some simple ways to get your credit score up?
How to Improve Your Credit Score in 10 Easy Steps:
Check All 3 Credit Bureau Reports – Get in the habit of regularly checking all your credit scores and reports. After your check all of your credit reports for errors; go fix all the errors.
Build a Credit History – Use both types of credit to establish your history: revolving (credit cards) and installment loans (mortgages and car loans). Remember, no history is just as damaging as a bad one.
Dispute Inaccuracies Promptly – Don’t wait until your credit score drops to flag inaccuracies. Dispute them immediately with one of the major credit bureaus.
Apply for Credit Carefully – Avoid making too many credit applications in a short period of time.
Pay Off Debt Quickly – Pay off your credit cards in full every month and reduce your loans as quickly as possible by making extra payments.
Curb Your Spending Habits – Keep your balance below 30% of your available limit. Racking up credit card debt can damage your credit score even if you pay it off in full every month.
Pay Bills on Time – Whenever possible, pay your regular household bills on time and in full.
Pay More Than The Minimum Balance - This is easier said than done, but you're only doing credit card companies a favor by paying their puny minimum balance each month.
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