Having a good credit score is more important than it ever was, so we want to provide you with 5 quick tips to quickly increase your credit score. A low credit score could impact how much you could borrow or even what your interest rate will be for a mortgage. The better the score the better the terms and programs available.
5 ways to Quickly Increase Your Credit Score for a Vermont Mortgage:
1. Keep your credit card balances below 30% of your overall credit limits: paying down a credit card can quickly increase your credit scores.
2. Stop the bleeding. This one is pretty simple, but is easier said than done. The best way to stop having new inquires on your credit is to stop applying for new debt. It is helpful to keep a few open accounts including a revolving account, to maintain a good score; however, it is best to keep your credit ability in control and within your means of being able to pay it back on time.
3. Dispute inaccurate information on your credit report: it is your right as a consumer to receive a free credit report once a year. It is helpful to be able to maintain and monitor your credit report for any inaccurate or incomplete information.
4. Check that your credit accounts are all labeled correctly: make sure that your accounts are correctly labeled and appear on your credit report. Having positive trade lines and accurate information will assure that your credit score will continue to increase.
5. Pay off debt rather than moving it around: the most effective way to improve your score in this area is by paying down your revolving credit and avoid opening new credit cards to transfer balances.
The above 5 tips will help you quickly increase your credit score, but there is a lot more information that we can provide to you on how to quickly increase your credit score! For more information on how you can quickly increase your credit score or for any other mortgage advice please feel free to contact Vermont Mortgage Company; we are here to help you!
