Whether you are looking to increase your credit score as a personal goal, or for an upcoming loan you’d like to take out, our underwriters have created a checklist to help you improve your credit score.
1. Check Credit Report for Errors
- Talk to the credit bureau
- Clearly identify each inaccurate item
- Explain why it’s incorrect
- Request deletion or correction
2. Pay Bills on Time
- Set up payment reminders
- Designate days to pay bills
- Pay your bills twice a month
- Record when every bill is paid
- Pay of highest interest rate first
- Make extra payments when possible
- Pay off new debt to credit cards in entirety every month
3. Keep Balances Low
- Get credit card transaction alerts
- Track balances online
- Plan credit card use
- Monitor the main cause of growing balance
- Stay below 50% of limit
4. Utilize Existing Accounts
- Limit to 2-3 cards
- Use all cards regularly
- Ask for a higher balance
- Lower credit utilization rate
- Keep your cards open for longer history
5. Keep Inquiries Down
- Only check credit score when absolutely necessary
- Apply for loans within the 14-, 30- or 45- day window
If you’re looking to purchase a home and are wondering if you will be pre-approved, find out today without a credit pull.