A Way to Raise Credit Score Quickly?

[Roy]

I don't have "bad" credit, but I would like to raise my score as much as possible before applying for a home loan. Are there any special tricks or tips to getting a quick credit score boost or to make yourself more elligible for a loan/better financing rates?

[Japhet11]

Hi Roy,

There aren't necessarily tricks to maximizing your credit score, but there are a few things you can do that might push your score higher.

The first is to keep your balances low. Ideally you want all of your credit card balances to be around 20 percent. If their maxed out, your score is going to suffer as a result. The longer you can keep those balances low, the more your score will benefits from it.

Secondly, make sure you have between 3 to 5 open lines of revolving credit. Research has shown that the people with the highest scores usually have that amount along with some sort of installment loan. If you have less than that, you may want to think about opening a new line before you go for your home loan. It depends on how far out you're looking to apply for a home loan.

Third, if possible, try not to close older accounts in good standing. The length of your credit history plays an important role in your credit score.

Lastly, if you need to repair credit score problems, like outstanding debts or any credit report inaccuracies, now's the time.

If you have any follow up questions, please let me know. Or if you wanted a free consultation where I can actually take a look at your credit reports, visit MyCreditGroup.com