Keep Your Credit Score Under Control

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation Today, we'll discuss how you can positively or negatively affect your credit score. There are a few simple things you can do to take control of your score. Don't ever be late. Late payments are the easiest way to adversely affect your credit score. If you do have late payments on your credit report, only time can help to repair that. Pay attention to your percentage of utilization. This has to do with the relationship between revolving lines of credit, the credit limit, and the balance. Let's say you have a $1,000 credit limit on your card, and the balance is $900. That means you are at 90% utilization. Unfortunately, we deal with folks all the time who are over the credit limit. We advise staying between 50% and 10% utilization. In fact, 10% will give you the biggest boost in your credit score. Finally, there is a myth that bad credit is better than no credit. No credit can be more damaging than bad credit. There is nothing for a lender to look at. You are just a big question mark. Bad credit is better, but it is up to the financial institution to determine whether or not you get the loan. As you can see, there are a few things you can do to take control of your credit. If you have any questions, give us a call or send us an email. We look forward to hearing from you!

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Keep Your Credit Score Under Control is an episode from Valley Wide Homes Real Estate Podcast with Craig Barton by Craig Barton.

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This episode was published on Dec 16, 2015.

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