4 Ways to Increase Credit Score

If you are looking for ways to increase your credit score, I have researched some of the best ways to do so. The list includes 4 things that can help boost your score that may help in getting better mortgage rates.

Reduce Balances- This may seem like common sense, but what we are saying here is to get your credit balance under the half way mark of your limit. If your limit is $10,000, than your balance should be $5,000 or less. Also, pay down the cards with higher interest first.

Never close old accounts- After paying off their credit cards, many people decide that it would be a good idea to close the account. It is better to have the account open with no balance than to pay off and close out. It shows that closing the account will reduce your score.

Have different types of accounts- Try to limit your credit cards to 3-4, but have other types of accounts as well. These accounts may include a mortgage, auto loan, installment loan, student loan, etc.. The loans that are fixed rates and terms are easier on your score.

Remove late payments- If you have had late payments in the past but are back on track, try calling the credit companies and request that they remove the bad line from the account. They may be willing to work with you here, and that may dramatically help your score.

Joshua McKnight

http://www.joshmcknight.com