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Home / Blog / Credit Scores / How Can You Improve Your Credit Score?

How Can You Improve Your Credit Score?

February 28, 2023 By Mary Catchur

Improving Your Credit Score

Your credit score is essential, as it tells mortgage lenders how financially responsible you are.

If you want to boost your credit score, there are many ways to do so. While it may take some time to see your credit score improve, you can begin working on a better credit score within a few hours.

What is the Importance of a Good Credit Score?

The better your credit score, the easier to get approved for a mortgage loan or other line of credit. Generally, a higher credit score, or good credit, will give borrowers more options, such as low-interest rates, better loan terms, and faster approval.

Steps to Improve Your Credit Score

While you may not immediately see a difference in your credit score, it is never too late to start making financial decisions to boost your credit score.

Don’t Miss Payments

One way to ensure you do not miss a payment is by setting up automatic payments for the minimum amount due each month.

Payment history is an essential factor in determining your credit score, and a history of on-time payments can significantly improve your credit score over time.

Get Current with Past-Due Payments

While late payments stay on your credit report for up to seven years, it does help your credit score to have all payments up-to-date. Also, current payments stop additional late payments from being added to your credit.

How to Improve Credit ScoreReview Your Credit Reports

To help improve your credit score, view your credit reports from all three nationwide consumer reporting agencies. It is vital to your credit score to report any inaccuracies, signs of identity theft, or any unpaid balances that have gone into collections.

Keep Credit Utilization Low

Credit utilization is the amount of your credit limit used at any given time. Keeping your credit utilization rate at or below 30% is recommended. One way to keep check of your credit utilization is by paying your credit card balance in full each month or by keeping the total balance at 30% or less.

Do Not Close Old Accounts

Keeping your old accounts open help maintain the length of your credit history. The older your credit age is, the more favorable you are to mortgage lenders.

Get Rent and Utility Payment History

If applicable, you can ask your landlord to report your on-time payments to the three nationwide consumer reporting agencies. While these payments are not always considered, a long record of consistent on-time payments can always help.

Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida, and proudly serves homebuyers and homeowners in all of Florida, Virginia, and Pennsylvania.

We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing, and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us direct.

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Filed Under: Credit Scores

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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