Cherry Creek Mortgage
Credit Score Tips 24 July 2018

Tips For Increasing Your Credit Score

When it comes to major purchases, your credit score is going to be a factor in how much you’re paying and your capability of qualifying for the purchase. For that reason, we’re offering tips for anyone looking to raise their credit score.

First and foremost, it is vital that you pay your bills on time. Many people like to set up payment reminders, whether that be through an alert on your phone or a post-it on your desk. No strategy to bumping up your credit score will work unless you’re paying your bills when they’re due. Additionally, it is best to stay well under your credit limit on those cards.

Here are our top tips for increasing your credit score:

  1. Pay your bill on time.
  2. Pay more than the minimum payment.
  3. Make regular payments on installment debt.
  4. Don’t cut up old credit cards: if you have stagnant cards with a zero balance, make small purchases periodically and pay it off quickly.
  5. Make sure your credit reports are accurate and report fraudulent activity immediately.

Overall, paying your balance on time and staying under your credit limit are the best methods for tackling your credit score. An increased score will allow you lower interest rates on loans, higher credit limits, better rates on insurance, a greater chance of approval for a mortgage loan and numerous other benefits. You’ll have to be patient, but in due time you will begin to see increases in your credit score!