A credit score is a number that is used to predict how likely you are to pay future debts. Most lenders consider a score of 700 and higher to be a good indicator of financial health. A high credit score can help you get a lower interest rate, with a lower down payment requirement. Mortgage lenders check credit scores 100% of the time before allowing you to take out a home mortgage. They look at things like how many credit cards or lines of credit you have, the amount owed on each one, and if you make your payments on time.
Here are a few simple ways to improve your credit rating:
Here are a few simple ways to improve your credit rating:
1. Pay ALL bills On Time! Do not miss one payment! Get caught up fast!
2. Do not apply for any credit, credit cards, etc …
3. Do not use your credit cards unless absolutely necessary.
4. Do not cancel or close credit accounts that show excellent payment histories!
5. Do not co-sign for ANYONE!
There are services and websites that will allow you to keep track of your credit scores. If you think a mistake has been made on your credit report, contact the creditor and the credit reporting agency to let them know an error has been made. For more information on improving your credit scores check out www.MakeNoMistakes.com.
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