I should pay off my credit debt……..wrong
I should cancel all old credit cards…….wrong
I should consolidate my debt into one place…….wrong
It seems as though everywhere you turn, people are harping on credit scores – check your credit report, check your credit score etc. Well, there is good reason. These days your credit score has become an integral part of your ability to get a mortgage, or to get a well priced mortgage. A “good” credit score is well into the 700’s and is a welcome green light to your lender.
There are three principal credit reporting companies and the banks rely upon these in different ways, but each one will provide you with your credit report and score once a year. It is worthwhile to find out what your number is because not all of us have “good” credit ratings. Try as we might, there is that late payment (from four years ago) for the bill that was due when you were on vacation or just waiting for your paycheck to clear. Maybe there is that overcharge from a department store that you cleared up with them, but never cleared off your credit… seems that there is always something.
The question is, how do you improve your credit score? Well, improving your credit score is not as straight forward as it would seem. It is a complex and confusing system applied by mortgage companies to evaluate your credit when you are applying for a loan.
So, if living in Arlington MA or buying Cambridge MA Real Estate is in your future... Download Avenue 3's guide to Improve Your Credit Score and find out the secrets you need to know!