7 Tips for Improving Your Credit
Your credit history and ultimately your credit score play a big part in your plans for getting a loan to purchase a home. Want a better interest rate, do what you can to better your credit. Here are 7 tips to do just that. Always remember, you want to demonstrate that you have good spending and repayment habits!
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Know your credit score. Request a free copy of your credit report from the major credit reporting bureaus-Equifax, Experian and TransUnion. - Correct errors on your credit report. If you find items that shouldn't be on the report, write a letter of explanation to the reporting agency and to the company or debt collector to get it corrected.
- Pay every bill on time. Bills paid 60 days and later will not only cost you in late fees, it will also cause significant damage to your credit score.
- Use credit carefully. Pay more than the minimum payment. Transfer balances from high interest credit card accounts to lower interest cards.
- Take care with the length of your credit. The length of your credit history is another determining factor in your score. Having one card for 10 years is better than having several for a short time period.
- Don't use all the credit you're offered. In other words, "don't max out your card"!
- Be patient. It's going to take time for change to take affect.
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Accounts to pay image courtesy of David Castillo Dominici at FreeDigitalPhotos.net
7 Tips for Improving Your Credit
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