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mpicarelli24

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how can I make my credit score better?

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Improving credit

Improving credit would be broken into two parts and each area has multiple components.

 


  1. Working on/enhancing the positive
  2. Minimizing the Negative

For area #1.  you will want to do a few things

  • Build positive credit.  You will want to have a minimum of 2 revolving credit accoutns (Credit cards). Ideally between 3-5 cards. Avoid department store cards and stick to the majors (Visa, Master, etc.)  If you have poor credit currently, you may need to obtain a secured card.
  • Once you have these cards you will want to maintain minimal balances.  Never carry a balance over 30% and ideally carry a balance around 7% of your limit.
  • Have a mix of credit  -  If you havea  car loan or a home loan already,  you will have this area covered.  10% of your score comes from having a mix of credit and installment loans (any loan with a set payment for a set period of time) covers this area.

For area #2.  All items reported on your credit must be 100% accurate, verifiable, and within the time frame allowed to report.  It is very often difficult for the average individual to know exactly what makes an item "accurate."  There are tons of details that can be overlooked.  Consequently, I always recommend speaking with a credit expert when addressing the negative items on your credit.  Most reputable companies will provide a complimentary review of your credit (such as ours) but be sure to check their reviews out before engaging them.

If you'd like further assistance, please feel free to click on my profile name and my contact info is there.

Sincerely,

Joe Orsak

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