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Improve Your Credit Score
- Pay your bills on time.Delinquent payments can have a serious negative impact on your score. Be aware that paying off a collections company will not remove it from your credit history - delinquencies can remain on your credit report for up to seven years.
- Keep balances low on revolving credit (credit cards, etc.) or always paid off. Try to keep the current balance below half of the total available balance. High outstanding debts can have a large negative impact on your score.
- Move debts: Sometimes it pays to transfer a debt from one credit card to another. Remember try and keep your current balance at or below 50% of the available balance. This will have a positive impact on your credit scores.
- Don't open a lot of new accounts in a short period of time. New accounts can have a big negative impact on your score. Opening only one new account in a certain amount of time (usually six months to a year) can have far less of an impact on your score.
- New inquiries: Each time you apply for credit an inquiry will hit your credit report and will drop your score 3 - 7 points. The mortgage industry allows you a 45 day window to shop for a loan. So any mortgage related inquiries during that period of time only counts for one inquiry. Any other inquiries will have an impact on your score.
- You should have credit: but you need to manage credit responsibly. Have little or no credit is almost just as bad as having delinquent credit.
- Ordering your own credit report online is OK, as long as it's from the official credit agencies or one of their designated agents. Keeping track of your credit score is a good idea. That way you can keep track of your score and remove any bad information.
- CreditXpert Program: We have a program that can help assess your problems and predict what your credit and scores would look like. This program typically requires actions over a period of time - but is a very powerful tool to correct or improve credit scores.
Click here for more information or click here to go directly to the request form.
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