Top 5 credit tips to improve your credit score. With a higher credit score you will be able to get a lower interest rate on your Wisconsin mortgage.
Hi, I am Ron Meyer a mortgage loan consultant with GSF Mortgage.
Today I will be discussing the top 5 ways to improve your credit score and the top 10 factors that go into calculating your score.
In today’s lending environment it is more important than ever to improve or at least maintain not good, but GREAT credit. So here is a top 5 list of the things you can do to improve your credit score.
1. Use your credit. Yes you heard me right. Those credit cards that have zero balance and are just sitting there – Use them! Use them to pay for your gas or groceries and then just pay them off in full. However, the trick is to make sure the amount you use is less than 10% of your credit limit.
2. Increase your credit limit. Your score can go down if you are maxing out your credit cards. If you ask your credit card company for an increase in your limit, it will decrease your percentage of credit used. This helps a lot. Never go over 50% of your available balance. You are better off opening a new credit card.
3. Have different types of credit, such as a mortgage, an installment loan like a car loan and at least two forms of revolving credit like credit cards.
4. Pay your utilities on time. Guess what, your electric company reports to the credit bureau. Paying this late will hurt you as much as missing a car payment.
5. If you can’t get a normal credit card get a secured credit card. This will help you build your credit using your own money. You give the card company a certain amount of funds and you then get that amount as credit. The card will then report your pay history to the credit bureau. This is a great way to jump start your credit for young adults or anyone with some credit challenges in the past.
If you liked this information or found it helpful, please email it, forward it, or share it with others who might like it.
Ron Meyer
(920) 213-0428
www.gsfron.com
rmeyer@gogsf.com
Ron Meyer is a Wisconsin licensed Sr. Loan Originator NMLS #222688 with GSF Mortgage Corporation NMLS #1018 located at 300 Patriot Dr. Little Chute, WI 54140 We specialize in financing purchases and refinancing home loan mortgages for all of Wisconsin. As a local lender we pride ourselves on offering quality service before and after your closing. Our underwriting is all done in house, allowing us to have quicker than normal processing time of your loan.
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