Looking to get your credit in shape before the spring market hits? Here’s some (surprising) ways to imrove your credit score:
Use your credit cards: this may seem like odd advice, but just leaving your credit cards stagnant won’t actually help your credit score. Using your cards, and paying them off quickly, will help improve your rating.
Pay your lowest balance cards first: feeling overwhelmed with repayment can make getting out of debt seem impossible. By starting with your lowest-owing card, you’ll get yourself on track to repayments and better credit.
Don’t close cards once they’re paid off: 15% of your credit score is determined by the amount of time you’ve had credit.
Don’t max out your credit cards: keep your cards to a maximum of 75% of the credit limit.
Don’t pay off debts with other debts: paying off your credit card with lines of credit or secured loans, is just counter-active. You’re essentially converting unsecured debt into secured debt, but it’s all still debt.
If you’re not sure what your credit rating is sitting at now, or need advice on how to get it ready for a mortgage, please feel free to contact me.
