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Tips to Boost your Credit Score

 

  • Try to keep your balances on your debt at 50% of available credit. If your cash on hand doesn’t allow you to do this, try to distribute the debt amongst other open credit cards. You can also consider opening a new line of credit and transferring part of the balance off a card that is close to being “maxed out”
  • Even if you are done using a credit account, do not close out credit card accounts. The credit history gives you creditability and strength.
  • Without using the actual debt, increase your available lines of credit. This reduces the overall debt ratio. Make sure the bank will do this without a credit bureau inquiry.
  • Do you have errors in your credit report? Request the credit bureau delete any outstanding debt that is incorrectly charged, or things that should have been removed that have already paid. They have an obligation to reconcile this within 30 days.
  • If you have derogatory items on your report that are less than two years old and you have the money to pay them off now, simply mark the back of your payment check with the following notation: “Accepting this check is evidence that the transaction is complete and this charge will be deleted from my credit record.” If necessary, you can use this cancelled check as proof of the transaction in the event the outstanding debt is not removed promptly and interferes with the closing of your mortgage or loan.