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12 Tips to improve your Credit Score

Posted by I.Stephan on October 6, 2015
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LOGO STEPHAN ILLOUZ_web

Your credit score and underlying history is one of the most vital parts of your financial life. Credit Score and overall income and debt will determine whether you’ll qualify for a loan and what your loan terms will be.

If you would like to improve your credit score and keep it high, you should follow the following suggestions :

1. Check for and correct any errors in your credit report

2. Apply for and open new credit accounts only as needed

3. Pay down credit card bills. If possible, pay off the entire balance every month instead of moving it around

4. Don’t charge your credit cards to the maximum limit

5. Don’t close unused credit cards as a strategy to raising your score

6. Wait 12 months after credit difficulties to apply for a mortgage

7. Pay your bills on time

8. Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved

9. Don’t open new credit card accounts too rapidly or before applying for a mortgage

10. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time

11. Set up payment reminders because late payments hurt your score badly

12. Check your credit report regularly