Stephanie Schwenn Sebring

Helpful Tips To Keep Your Credit Clean

From My Work with MPI –

dustpan use meClean Up Your Credit Score For Spring –

Spring can literally mean a fresh start for all of us – why not use the change of season to look for ways to improve your credit score? Your score is a number between 300 and 850. It’s calculated by using a standardized formula from information on your credit report. Financial institutions use your score to determine the risk associated with granting you a loan. Scores below 600 are considered poor. Scores above 720 are excellent.

Ways To Improve Your Credit Score

• Pay your bills on time. (Late payments will lower your score).

• If you’ve had trouble, re-establish a good track record of making payments.

• Try not to use all of your available credit. For example, if you have a credit card, keep 50% of the line open.

• Start building good credit earlier. The longer your credit history, the higher your score may be.

• Avoid applying for lots of new credit – this can lower your score.

• Secure “good debt” like mortgages and auto loans from reputable lenders.

• Avoid owing money to finance companies or payday lenders. This can lower your score.

Review Your Credit Report Annually

Visit AnnualCreditReport.com for your free credit report. Not only can you see potential areas to improve, you can also check for possible fraud. If you need help understanding your report, stop in and we can review it with you.

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