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Deborah Bremner's Blog

By Deborah Bremner | Agent in 90049
  • Six Steps to Improve Your Credit Score

    Posted Under: Home Buying, Credit Score, Investment Properties  |  July 13, 2012 9:06 PM  |  2,173 views  |  No comments
    A credit score (FICO) is a snapshot taken by the three leading credit bureaus, TransUnion, Equifax and Experian, that allows lenders to determine whether or not you will be extended credit, the amount of credit and even the terms (interest rate, loan amount, repayment schedule).
    Your FICO score is a number between 300 and 850 that is used to predict how likely you are to pay your bills. Many of the companies with whom you have a loan or a line of credit report back to the three credit bureaus information such as whether you pay on time, your credit amount, etc. Your credit score is calculated from this personal financial information. The higher your credit score, the better the credit terms you will receive. The lower your score, the higher the interest rates you may have to pay. Generally, scores over 700 are considered excellent while scores below 600 are considered poor.
    Although there are no quick fixes when it comes to improving your credit score, you can take these 6 steps to rebuild your score over time:
    Continue paying your bills on time — your payment history matters.

    Don't max out your cards or even run the balances up high.

    Hold off on applying for new credit or cancelling an old card, since length of credit helps.

    Pay down high balances, but don't just transfer debts among several lenders.

    Settle any collections or past due accounts that you possibly can.

    Dispute and resolve any inaccurate items in your credit report. The last two years of your credit history are the most important
    Deborah Bremner
    The Bremner Group at Coldwell Banker
    REALTOR, 00588885,
    ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
    (O) 310-571-1364 DIRECT
    (D) (310) 800-2954
    http://www.thebremnergroup.com
    Accredited Buyer Representative
    |
    Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
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