Get Your Credit Score on the Up and Up!

Do you have a goal this year to own a home? What about buy a new car? While these items are great, there is one thing you need to make sure you have going for you before you start your shopping spree—a high credit score!

Improve Your Credit Score Today!

In terms of credit scores, a 620-680 might be considered “acceptable,” but a 740 and higher is excellent and can certainly help you obtain a loan at a wonderful interest rate! If your score falls below 620, you will definitely want to grab a pen and paper and start writing down these tips on how to begin improving your score today, so you can mark off your wish list as soon as possible!

The first thing you need to do is watch your credit card balances! The higher the balance you keep on your cards, the worse it can impact your credit score. And, believe it or not, it does not matter if you pay off the high balance you carry on the card in full each month. Your credit score is still based on the high balance that was on that card each month.

If you cannot pay your credit cards off in full each month, and you are carrying a bunch of balances on them, consolidate so that all your debt is on one card. This will also help because your credit score would then be based on one card and not a number of credit cards, as this is a consideration as well.

You also want to pay this credit card debt off as soon as possible, as it will help raise your credit score. And always, ALWAYS, pay your bills on time. You want to show you are a trustworthy person to give a loan to, and banks want to know you will make your loan payent each month on time. If they see you do not pay your other bills on time, your credit score will also be penalized.

Whether you are ready to finance a new home or a new car, we can help! Contact us today!