Do you know your current credit score?

There are lots of rumors and old wive’s tales on how to raise your credit score. Here are a few tips that will help you on your journey:

  • Pay your bills on time.
  • If you have missed payments, get current and stay current.
  • Be aware that paying off a collection account will not remove it from your current credit report.
  • If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
  • Keep balances low on credit cards and other “revolving credit.”
  • Pay off debt rather than moving it around.
  • Don’t close unused credit cards as a short-term strategy to raise your score.  Keep them open with zero balances.
  • Don’t open a number of new credit cards that you don’t need, just to increase your available credit.
  • If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.
  • Do your rate shopping for a given loan within a focused period of time.
  • Re-establish your credit history if you have had problems.
  • It is OK to request and check your own credit report.
  • Strive to use less than 30 percent of your available credit.
  • Apply for and open new credit accounts only as needed.
  • Have credit cards, but manage them responsibly.
  • Note that closing an account doesn’t make it go away

If you have any questions about your credit score, contact our preferred lender, Beverly Aleman, with Regions Bank at 972-724-1102 or Beverly.aleman@regions.com.