The Benefits of Refinancing: More Than Just Lower Rates!
November 08, 2024 – St. Louis, MO – A lower interest[...]
How to Boost Your Credit Score
If you’re trying to improve your credit score, Gershman Mortgage is here to help! We understand how important trying to boost your credit score can be, and we have listed our favorite tips on how you can monitor your credit score and make a positive impact on your next credit report!
- Pay bills on time
- Reliably paying your student loan bill, your utility bill, or any other bill with your name on it before it goes past due will greatly affect your credit score. Any late or missed payments can appear as negative information on your credit report for as long as 7 years!
- Only open credit accounts as needed
- Opening new accounts won’t necessarily improve your credit score. Only open accounts when you need them.
- Check your report for inaccuracies
- Make sure to verify all information on your credit report and correct any inaccuracies that could affect your overall credit score. Be sure to continue to monitor your credit report on a regular basis.
- Don’t max out your credit card
- Maxed out credit card balances could lead to you being denied a mortgage loan. If your credit card balance is too high, banks see that as a sign you already have more debt than you can handle. Try to pay off your balance as soon as possible.
- Keep old accounts open
- As long as these accounts are not costing you any money, keep them open! Closing any accounts can increase your credit utilization ratio.
Improving your credit score is a good goal to have, especially if you’re planning to apply for a loan to make a major purchase, such as a new home. This process doesn’t happen overnight. It may take several weeks to see a noticeable impact on your score. However, the sooner you begin working towards improvement, the sooner you will see results!
If you would like more information about this topic, please contact Stephanie Goone at 314-824-1257 or email sgoone@gershman.com.
NMLS #138063 16253 Swingley Ridge Road Suite 400 Chesterfield, MO 63017 (800) 457-2357 Equal Housing Lender. www.gershman.com
