Getting the dog is a big investment! I sometimes feel like people think longer and harder about owning a dog than they do a home. Maybe it's realistic, or maybe it just seems less complicated!
3 tips to improve your credit score
One three-digit number can stand between you and getting approval for a variety of things ranging from renting an apartment to buying a new houseboat. According to Equifax, a score under 580 is considered poor, while a score of 750 and up is excellent. If your number falls somewhere in the middle, you may have a fair or good rating. Different lenders set their own criteria for which scores they feel comfortable with, but if you need to improve in that area, follow these tips.
1. Get A Credit Card
Getting a credit card is a great way to raise your credit
2. Pay Off Old Debt
Maybe you went to the hospital two years ago and forgot to pay the bill? Another way to improve your credit score is to comb through your credit report and pay off the things that may be negatively impacting it. The Federal Trade Commission recommends going here or calling 1-877-322-8228 to obtain a free copy of your report. You’ll have to verify your identity by answering some questions before you can get a copy. This is a great reminder for bills that may have gotten lost in the mail. You can also make sure no mistakes have been made that are adversely impacting your score. The people who report to these agencies are only human, and sometimes errors happen. This way, if your bank incorrectly reported a late payment on your loan, you can call and dispute it.
3. Get A Cosigner
Lastly, if you have a low credit score, consider getting a cosigner for your rent or loan. As long as you pay on time, this will help the lender feel more confident about you while you build good credit. Your potential cosigner needs to be someone with a near excellent credit score and have enough income to cover the payment should you default. It needs to be someone who doesn’t mind filling out paperwork with personal financial information.
A credit score is a snapshot of your likeliness to honor loan agreements and payment arrangements. Whether you’re trying to improve your score or build on it from scratch, there are ways to change the numbers in your favor.
If you want additional tips, feel free to call me.
With more than a decade of experience, LaDawn enjoys educating first time home buyers, working with the 55+ community, relocation clients, sellers who want to downsize, step up purchase or anything in....