Credit Repair Las Vegas

Credit Tips

10/20/2017

Mike Lee

10/20/2017 11:12:01 am

Credit Tips

A good credit score typically translates into a lower home loan interest rate.

The higher your credit score, the more likely you will pay your debts in a timely manner. The lower your credit score, the less likely you will make payments on time. For those with lower credit scores, lenders may adjust home loan interest rates to accommodate for the additional credit risk on issued loans.

If you wish to improve your credit score, there are many ways to do so! Here are just a few:

Focus on recent derogatory credit. Concern yourself most with past due balances, charge offs and collections that have occurred in the last two years. Items more than two years old have less impact on your current credit score. In fact, if you pay off delinquent items over two years old, you may actually lower your credit score.

Keep existing credit card accounts open. Your established credit history matters. If you have old credit cards that you don't use often, you still have the benefit of the history they represent.

Try to distribute debt evenly across your credit cards. If you can't pay off all your debt at once, try to keep balances as close to zero as possible, aiming for under 30 percent of the available credit limit. Also, if your credit provider increases your credit line, the ratio of debt to available credit is automatically reduced.

Remove errors on credit reports. Check your credit reports for any errors and delinquent information. Follow the dispute process to challenge any inaccurate information—credit reporting agencies must respond to you in 30 days.

Mike Lee

10/25/2017 10:24:45 am

Your FICO® Scores are calculated using the information in your credit reports. These reports contain the information that each credit bureau has on file about you. This sample credit report shows a few examples of the types of information that the credit bureaus collect, such as your credit accounts, how many times lenders have requested information about your credit (Inquiries), and how many times lenders have turned your account over to a collection agency (Collections).

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Credit Tips

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