May 31st, 2016 2:19 PM by NE TEXAS REALTY GROUP
10 Ways to improve your credit scoreWe always hear about how important it is to have a good credit score. After all, even if you have a good score, an excellent one will get you better mortgage rates and save you more money. But what improves your score the most? What lowers it? And how can you budget your finances to get the highest score possible? Here are 10 ways to improve your credit score, and help you achieve your financial goals.
Each time you open a credit card, the company makes an inquiry of your credit. Too many inquires in a short amount of time can lower your score.
It is better to have 2 cards with a limit of $10,000, and only charge $5,000 on each, than to have one card maxed out at $10,000.
While it may seem like a good budgeting method, canceling a card will erase all of the payment history built up - which makes up a large percentage of your overall credit score. Cut up any cards you don't use, and maintain the lower the limits on them.
Any payment later than 30 days is bad for your credit.
Don't have all of your debt in one type. For example, it's better to have $10,000 spread out among credit card debt, student loan debt, a car loan, and a mortgage, than it is to have the entire amount in credit card debt.
Get the free reports 3 times a year at freecreditreport.com