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How to Raise Your Credit Score

I've been asked a lot lately about how to raise your credit score in order to qualify for a mortgage. Here are a few tips to get you going in the right direction towards a higher credit score.

  • Pay your bills on time…very important!

  • Establish form of credit ASAP (for instance secured credit card or store credit card with the highest credit limit you can afford). Make certain they report to credit agencies or you’re wasting your efforts.

  • Use that card a little each month, but pay it off with every bill. Do not maintain a balance. Credit scoring companies want to see available credit not balances.

  • Do not get more than 1-2 credit cards.

  • Consider buying your next big purchase with a loan. Put as much money down as possible, and use a co-signer if necessary. Credit scores are higher if you have different types of credit like credit cards, car loans, etc.

  • Please do no over spend in an effort to get a higher credit score.

  • Take your time applying for credit. Do not try to get lots of credit all at once.

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