Six Ways To Improve Your Credit Score
Penny Doubek The Doubek Team W . J . Bradley Mortgage Capital , LLC NMLS # 203281
Your credit score is a threedigit number that lenders use to predict your creditworthiness . Credit reporting companies calculate your score based on your payment history , how much you owe , how long you ’ ve had credit and how often you apply for new credit . If your score is lower than you ’ d like , here ’ s how to raise it :
As the Retail Sales Area Manager for W . J . Bradley Mortgage Capital , LLC , Penny is responsible for implementing the strategies that go behind managing the day-to-day facilitation of both Sales and Operations in the Bay Area . Penny and her husband Scott have raised their three boys in Morgan Hill and understand the wonderful community that we live in .
www . wjbradley . com 320 Digital Drive Morgan Hill , CA 95037
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Check your credit report regularly . Request a copy of your report at least once a year from Experian , Equifax , Innovis and / or TransUnion . Make sure your report agrees with your records . Correct any errors as soon as possible and watch for signs of identity theft .
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Make sure your credit limits appear . If your credit card limits aren ’ t listed , your cards are assumed to be maxed out , which damages your credit score . Ensure your limits are indicated , and stay well below them to maintain a higher score . Staying below 50 % of your limit is best .
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Pay past due accounts . Delinquent accounts reduce your score more than anything else . Pay these accounts first .
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Pay new liens or charge-offs . These are your next priority . But once they ’ re older than 24 months , they ’ ve done all the damage they can do . In that case , move them to the bottom of your payment priority pile .
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Don ’ t close credit cards . Credit score software totals your available credit limits across all your cards . If you close an old card , suddenly you have a lower total limit which means your credit-to-debt ratio is higher . This drives down your score . Only close old cards if you have no self-control .
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Keep old credit cards active . The longer you ’ ve had an account open , the less likely you are to default on it , and the higher your credit score . But it ’ s not enough to simply keep old accounts open ; you have to use the card , even if it ’ s only once every six months .
So there you have it . We have just given you six helpful tips for improving your credit . However , we ’ ve just scratched the surface ! You can learn all twelve of our proven strategies for ratcheting up your credit score in my new Credit Repair Guide titled , “ 12 Simple No-Cost Methods to Repair Your Credit .” It ’ s a MUST READ for anyone with a credit score under 650 who wants to qualify for a mortgage with the lowest rates possible .
For your free copy of this informative Credit Repair Guide , call 408.426.5875 .
© 2014 W . J . Bradley Mortgage Capital , LLC . 6465 Greenwood Plaza Blvd , Suite 500 , Centennial , CO 80111 Phone # 303-825-5670 . NMLS ID 3233 . Trade / service marks are the property of W . J . Bradley Mortgage Capital , LLC . This is not a commitment to lend . Restrictions apply . All rights reserved . Some products may not be available in all states . WJB is not acting on behalf of or at the direction of HUD / FHA or the federal government . Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act RML No . 4131002 ; NMLS consumer access : www . nmlsconsumeraccess . org / EntityDetails . aspx / COMPANY / 3233 . This material is for informative purposes only and is not to be taken as credit advice or counsel .
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