Tips to Improve Your Credit Score...

Credit scores have a variety of uses. Those of us that have bought or rented a Broken Arrow, OK home have had our credit score checked. We have also had it checked when we are applying for a credit card. Did you know. however, that many employers will check your credit score when you apply for a job. Having a low credit score can, in some cases, keep you from getting the job you want. There are many things that you can do to increase your credit score, or at least keep it from going down. Read on for a few tips from "Polishing Credit Score Can Open Financial Doors", an article by Eve Mitchell (RISMEDIA).

1. Most importantly, check your credit report and score regularly. If you find any errors, follow the procedure with the credit bureau and get it corrected. Checking your report for errors might save you from further problems.
2. If you don't have any credit cards, or you only have 1 or 2, consider opening one or two more accounts. This can increase your credit limits as well as allow you to diversify your credit.
   
3. Keep your balances low on all your credit cards and avoid late payments. When your balance is too high or you make a late payment or no payment, it will adversely affect your credit. A good rule of thumb is to only charge to your credit card what you can pay off within the month.
4. Besides your credit cards, make sure your payments are on time on all of your other bills, including your mortgage. Failing to keep your payments current might cause a lower score once the company reports the late payments.
5. If you have had a credit card for several years, keep it. The longer you have had a card, the longer your credit history, which can help your scores.

You might also be asking, what is a good credit score anyway? Mitchell gives the following information in her article:

Credit scores, which can range from 300 to 850, are based on a number of factors, but primarily come down to how well you pay off your bills.

-760 or higher: Excellent. Your score is well above the average score of U.S. consumers and clearly demonstrates to lenders that you are an exceptional borrower.

-725 to 759: Very good. Your score is above average and demonstrates to lenders that you are a very dependable borrower.

-660 to 724: Good. Your score is near the average. Most lenders consider this a good score.

-560 to 659: Not good. Your score is below the average. Some lenders will approve loans with this score.

-Lower than 560: Bad. Your score is well below the average and demonstrates to lenders you are a very risky borrower.

For more information or to read the entire article, click on the link below- "Polishing Credit Score Can Open Financial Doors".

To buy or sell Broken Arrow, OK area real estate, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.