Today, I spend the afternoon diving into all things credit score. It was so interesting and I took away so many amazing tid-bits, that I had to share.
Here is how you can tip the scale in your favor,
- Pay all your bills on time or even early. Once you get past 30 days overdue, even on a small credit cared can have a significant impact on your score.
- Don’t co-sign on ANYTHING!! If they have a late payment, you have a late payment.
- Never close an account. You want that history in your score
- Don’t open new accounts, unless its absolutely necessary.
- If you think there might be fraud on your accounts, report it immediately. If you find that you are a victim of fraud, contact one of your bureaus, your credit card company, banks and the FTC (www.ftc.gov)
- Check your credit often and monitor it. You can order a copy of your credit report once a year at, www.annualcreditreport.com
- If you are planning to purchase a home, refinance or are currently under contract, do not make ANY large purchases that would run up the balances on your credit cards prior to the closing. This can affect your loan!
- Keep your credit card balances under 30% to ensure that your credit score is least inpacted
Here is a fun fact, all those “your pre-approved for this credit card/loan/balance transfer are all soft credit inquiries on your score. If you’d like to opt out, see the website below! www.optoutprescreen.com If you have any questions about your credit, buying a house or refinancing, please reach out!