Tuesday, January 31, 2017

Improve your credit score

Posted by Tim
Improving your credit score is simple, but not always easy. Obstacles such as financial hardships, healthcare costs, and big spending habits can wreak havoc on your credit score. However, even if you have some negative credit history, you can increase your score, which will aid you in the process of obtaining the all-important mortgage. 1. You need to establish a credit history. This means that if you have never had a credit account in the form of a credit card, car loan or other loan, you need to work to establish some credit. If you have no credit, then you will not qualify for a mortgage. The Mortgage King will provide you with some good suggestions on credit cards with people with little or no credit. These cards will help you build a credit history. 2. Plain and simple, you need to borrow money and make the minimum payments on time. If you fail to make even one payment on time, then your credit will suffer. This can last for years. It will be impossible for you to build good credit if you cannot make your loan payments on time. This is non-negotiable. 3. Too many credit inquiries in a short period of time can hurt your credit as well. For example, if you apply for four credit cards in a three month time period, many lenders will view this as a red flag. Avoid the temptation of credit card signup bonuses and the like. 4. Average age of credit accounts. It's just a matter of time! 5. Use your credit cards and pay them off. If you have $100,000 of credit, but never use it, your score will not improve.

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