This weeks blog is coming to you from Jann Moylan of Bay Capital Mortgage. Interested in buying a house?
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Improve Your Credit Score With These Tips
Improving your credit score can help you get approved for loans and credit cards and save you money by getting better rates for financing. While raising your credit score isn't fast or easy, it is possible when you follow some of the helpful tips below.
Make Sure Your Credit Report Is Accurate: Every year you're allowed one free copy of your credit report from each of the three major credit bureaus. When you get your credit report, make sure you review it carefully. A mistake could negatively impact your credit score. Potential errors can include incorrect personal information, accounts you don't recognize, and missing payments you know you made. If you find an error, be sure to submit a dispute.
Take Care of Late Payments: Delinquent payments can stay on your credit report for up to seven years. If late payments are hurting your credit score, you need to take some steps to get organized and solve the issue. Set up payment reminders so you don't miss a due date. If you're having problems making payments because all your bills are due at once, many lender websites will let you change your due date so that you can spread them out more evenly.
Clear Up Collection Accounts: Unpaid debt also seriously hurts your credit score, so you need to pay off your debt as soon as you can. While it's not always possible, some collectors will stop reporting debts to the credit bureaus in exchange for full payment.
Get a Credit Card: When used properly, a credit card is a good way to help build up your credit score. If you have a fair or better credit score, you likely have several credit card options available. If you have a poor or bad credit score, you need to look into a secured credit card. No matter which type of card you get, you want to make on-time payments.