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5 Easy Steps to Improve Your Credit Score .pdf


Original filename: 5 Easy Steps to Improve Your Credit Score.pdf
Author: Windows User

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Pay Credit Card Balances down to 30%:

Credit cards are revolving debt. Having a maxed out credit card can hurt your credit score monthly.
Paying it off entirely will neither positively nor negatively affect your credit score. Paying the card
down to within 30% of the limit however can cause a quick and significant jump in your credit score.
The trick is to get and keep your balances below 30% of your credit limit on each card on your
monthly statements. For example if your card has a $1,000 credit limit, pay it down to $300 owed.
For the fastest results, attack those cards with balances closer to their respective credit limits first.
Within 30 days you should see significant results.


Dispute inaccurate information:

Remember, In the United States, you can request one free credit report from each of the national
credit reporting agencies (TransUnion, Equifax and Experian) at least once per year. You may also
request a report each time you are denied credit because of your credit history. Additionally
websites such as CreditKarma.com can be utilized to consistently monitor your credit for free. You
can check your score as often as you like and it does not affect your score to check it. If you find
inaccurate or incomplete information on your credit then you have the right to dispute it free of
charge. For the quickest and easiest results, visit the appropriate credit bureau's website and file a
dispute with them online. If supporting documents are necessary, you may need to file your dispute
by mail.


Know and Report Your Limits:

Make sure that your credit card issuers are reporting the correct limits on your accounts to the three
major credit bureaus. Without an available limit, your account will appear to be maxed out at its
highest reported balance each month. This could cost you up to 80 points in certain instances. Most
creditors will report your credit limits if you ask them to do so in writing .


Get Accounts Labeled Correctly:

If you have a Home Equity Line of Credit (HELOC), make sure it's listed as a mortgage or an
installment account on your credit reports and not as a revolving debt. If you had a bankruptcy, be
sure that all items associated with the bankruptcy are being reported as included in the bankruptcy
with a zero balance. This action could increase your score by 50-100 points. Contact the credit
bureaus and ask them to make these corrections.


Stop the Bleeding:

This is an easy one and a BIG ONE… STOP opening new lines of credit. And almost as important,
STOP APPLYING for credit (especially if you’re not going to use it). Each and every time you apply
for credit of any kind (new credit card, buying a car etc.) you are giving that company the right to do
an “inquiry” into your credit. These inquiries show up on your credit report and might give the
impression that you’re in a desperate financial situation or that you don’t know how to manage
credit wisely. Additionally each time a company pulls your credit the credit inquiry negatively affects
your credit score.
These small steps can make a huge impact om your credit score and potentially open the
doors to the home of your dreams. If you have any questions beyond this I am happy to
help and always available!

PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit
and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms
and conditions are subject to change without notice. Florida Office of Financial Regulation MLD646.


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