{"id":2663,"date":"2017-06-23T18:03:14","date_gmt":"2017-06-23T18:03:14","guid":{"rendered":"https:\/\/schreders.ca\/?p=2663"},"modified":"2022-11-16T14:05:50","modified_gmt":"2022-11-16T19:05:50","slug":"6-tips-improving-credit-score","status":"publish","type":"post","link":"https:\/\/www.schreders.ca\/blog\/6-tips-improving-credit-score\/","title":{"rendered":"How to Increase Your Credit Score Quickly & Legally"},"content":{"rendered":"

6 Tricks to Boos<\/strong>t Your Credit Score Quickly & Legally<\/strong><\/span><\/h1>\n

We\u2019ve all heard the term \u201ccredit score\u201d<\/strong> but many people aren\u2019t clear on how it is determined and the factors that impact it. The housing market is so hot right now and competition is so steep, get ahead of the crowd by using these 6 tips to increase your credit score and mortgage rate possibilities.<\/p>\n

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Step 1: Pay Down Your Balance<\/strong><\/h2>\n

This step seems like common sense but many people don\u2019t realize that your credit utilization (or the amount you can borrow versus the amount of debt are carrying) accounts for 30% of your credit score. That being said, it is a very important step.<\/p>\n

\u201cThe easiest way to optimize your utilization is to use a credit card and pay your balance down to 1% of your credit limit right before your bank reports to the credit bureaus,” says Liran Amrany<\/strong>, founder and CEO of Debitize<\/a>, a financial technology company that automates better money and credit habits.<\/p>\n

“You want to have positive utilization so it’s clear you are using the card, but otherwise want to be as low as possible.\u201d A good trick is to call your creditor to see when they will be reporting or you can check your credit report and ensure that you pay before the date last reported.<\/p>\n

Estimated time for improvement:<\/strong> One month<\/em><\/h4>\n

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[bctt tweet=”6 Tricks to Boost Your #Credit Score Quickly & Legally” username=”jwsrealestate”]<\/p>\n

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Step 2: Get Your Bills Current<\/strong><\/h2>\n

Paying your bills on time is the most important factor in a credit score. You goal should be to go from paying one or two bills late each month to paying all on time. I am sure you are thinking. \u201ceasier said than done,\u201d but this should be a priority for you as it can show improvement to your credit score in one to two months.<\/p>\n

Remember if you are less than 30 days late and have money to make a payment, do it. This can help your credit score as creditors typically don\u2019t report until after the 30 day mark.<\/p>\n

Estimated time for improvement:<\/strong> One to two months<\/em><\/h4>\n

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Step 3: Open a New Account<\/strong><\/h2>\n

This can help is two ways.<\/p>\n

Firstly, opening up a new card, should increase your total outstanding credit line, which should improve your utilization.<\/p>\n

Secondly, opening another type of credit car or small loan can help your \u201ccredit mix.\u201d Credit mix is a term used by the bureaus to indicate whether a person can handle different kinds of accounts.<\/p>\n

This strategy is beneficial but don\u2019t go crazy. Start with one new account. If you continually apply for \u201cstore cards\u201d to get discounts on purchases, you\u2019ll take a hit on the number of recent inquiries, which won\u2019t look good. Remember that every time you open an account and ask for credit, a credit score is run.<\/p>\n

Estimated time for improvement:<\/strong> One to six weeks, based on processing and reporting your new account.<\/em><\/h4>\n

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Step 4: Become an Authorized User<\/strong><\/h2>\n

If you have a responsible partner or family member, that will allow you to be an authorized user of one of their accounts, you can piggyback onto their good credit history.<\/p>\n

\u201cThe full history of the other account shows up on your credit report immediately,” Gallegos says. “And when this older, established credit account is added to your credit history, it results in an increase in the average age of accounts you\u2019ve \u2018managed\u2019 (which also increases your credit score).\u201d<\/p>\n

Be careful though, piggybacking on to their credit means that you are attached to their credit, whether good or bad.<\/p>\n

Estimated time for improvement:<\/strong> Immediately<\/em><\/h4>\n

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Step 5: Don\u2019t Bother with Additional Payment Histories<\/strong><\/h2>\n

A common credit-boosting myth says you can add to your credit history (and improve your score) by calling your other providers\u2014like your wireless provider or utility company\u2014and asking them to report your payment history to your credit report<\/a>.<\/p>\n

Unfortunately, \u201cEach of the major credit-reporting agencies is making some changes to include more bill payments, albeit slowly. In general, though, most of the time, these types of payments only appear on credit reports when they are delinquent,\u201d Gallegos says.<\/p>\n

So, that one probably won\u2019t work in your favor, but following the previous four steps will help. Up next: Home Ownership!!<\/p>\n

Step 6: Bonus Step<\/strong><\/h2>\n

Call the Schreder Brothers Real Estate Group to ensure you have the dedicated, experienced, knowledgeable Realtors\u00ae you need to help you conquer the ever-changing real estate market!<\/p>\n

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6 Tricks to Boost Your Credit Score Quickly & Legally We\u2019ve all heard the term \u201ccredit score\u201d but many people aren\u2019t clear on how it is determined …<\/p>\n","protected":false},"author":2,"featured_media":2687,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[186],"class_list":["post-2663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-post","tag-credit-score"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/2663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/comments?post=2663"}],"version-history":[{"count":1,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/2663\/revisions"}],"predecessor-version":[{"id":70733,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/2663\/revisions\/70733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media\/2687"}],"wp:attachment":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media?parent=2663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/categories?post=2663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/tags?post=2663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}