Boost Your Credit Score

Your credit score – something you rarely think about until you are ready to purchase a big ticket item, such as a home or a car. However, your credit score is something you should think about often, especially if you ever want to obtain a loan at a great interest rate! Do you know what your credit score is?

Start Raising That Score Today!

In order to be seen as a dependable borrower, lenders will look to your credit score for proof. While 800-850 (Exceptional) and 740-799 (Very Dependable) are the scores you want to aim for, you can get by most of the time in the 670-739 (Good) range. However, you want to make sure your credit score never falls below the Good range into the Below Average (580-669) and Very Risky (300-579) ranges. If your credit score lies within either of these ranges, then it is time to focus on how you can raise your score to the Good, Very Dependable, and Exceptional ranges.

First, you want to make sure you pay your bills on time. In fact, if you can pay early, that is even better! Late payments have a huge, negative impact on your credit score.

If you do have credit cards, you want to make sure you keep the balances low. Just because you have a $5,000 credit limit on one card, does not mean you have to max it out. Keep the balances low, and make sure you pay in full each month.

Do not open a bunch of credit cards just to improve your credit score. That is not how it works. Instead, apply for the cards you need, and use them as needed.

Do you have the credit score you need in order to purchase a home or buy a new car? Come by and see us today to learn about our mortgage and car loan options!