7 Surefire Ways to Improve Your Credit Score

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

You've already heard the bad news. The housing crisis has tightened up credit markets, and it's harder to qualify for a mortgage loan. Credit scoring has always been an important part of the loan approval process, but suddenly it bears more weight than ever.

Be on Time

Before you worry about cleaning up what happened yesterday, get right with today and focus on your current bill-paying performance. Pay on time, and pay more than the required minimum payment each month on outstanding credit balances.

Shrink Your Credit Ratio

The credit-scoring process looks at the ratio of your debt to the total amount of available credit you have, so add up your credit limits to see where you stand. Your long-term goal is to get rid of all your debt, but a good, short-term target is to shrink your ratio to less than 50 percent. Then 40, then 30, and so on.

Get Current on Any Outstanding Debts

Got collection agencies on your trail? Pay off your late accounts, but remember that paying off a delinquent account will not erase it from your history. You simply have to wait; the further the delinquency recedes into the past, the better off you’ll be. If you have a good explanation for falling behind, a lender may be sympathetic if you’ve paid off the debt.

Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on (0403) 296-221.

Thanks,

Tammie