June 25th, 2019 2:12 PM by Eric Willner
Radio Show Notes 6/25/19 Tuesday - Tips and Tools to Improve Your Credit Score, Your Most Important Financial Number
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Today The Real Estate Show gives you Tips and Tools to Improve Your Credit Score, Your Most Important Financial Number. With good scores ALL doors open up financially. Without a good credit score, the opposite is true, and life becomes much more limited. So here go several tried and tested tips, and one of our favorite tools.
Tips & Techniques
Pay your bills on time
Because your payment history makes up approximately 35% of your credit score, a strong record of on-time payments is key. One missed payment could lower your score significantly. Stay on top of your credit card, loan, and utility bill deadlines, making at least the minimum payments to Improve Your Credit Score, Your Most Important Financial Number.
Limit the amount of new credit you apply for
Each time you apply for a new loan or a new credit card, your score drops. This is because it has been statistically proven that those acquiring more credit are a bigger lending risk than those who are not. The credit scoring programs are designed to distinguish rate shopping from opening new credit. If you are shopping for a mortgage or loan, do it in a short, focused amount of time to Improve Your Credit Score, Your Most Important Financial Number. If you request a copy of your own credit report, or if creditors are monitoring your account or looking at credit reports to make prescreened credit offers, these inquiries about your credit history are not counted as applications for credit.
Pay down debt
Large loans and maxed out credit cards are going to drag down your credit score. Try to keep a low debt-to-credit ratio, meaning that your credit card balances should be only a small fraction of your available credit. For instance, if you have a limit of $10,000, your revolving balance should stay well under $3,000. Credit bureaus look at both your total debt-to-credit ratio as well as the debt-to-credit ratio of each credit card, so do your best to maintain favorable ratios for both to Improve Your Credit Score, Your Most Important Financial Number. Note: If you “maxed” out your credit cards, this will affect your credit score negatively as well.
Establish a good credit mix
Many credit-scoring models consider the number and type of credit accounts you have. A mix of installment loans and credit cards may improve your score. However, too many finance company accounts or credit cards might hurt your score.
Don’t close established accounts
A short credit history may have a negative effect on your score, although it can be offset by positive factors, such as timely payments and low balances.
Do these things and watch your score improve. Also, stay tuned daily to The Real Estate Show with Eric Willner for more! Click here, or above, to hear today's show in full.
If INVESTING in Real Estate is your American Dream, then register for my special listeners only free training, go to my website:
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I'll see you on the training! You can even now listen to a recording of yesterday’s training at YOUR convenience. Just log on transform your business into the income source you dreamed of. Find out more on today’s episode and learn more about Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates.
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TimeToFixMyCredit.com to build, fix or grow your credit and more!
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