Credit Scores

Your credit score is one of the most important numbers you'll carry through life. This score determines whether your application for a credit card, auto loan or mortgage is approved or rejected. Insurers use it to set premiums, and employers look at it when you apply for a job. There are no shortcuts to improve a less-than-stellar credit score.

Here are 7 moves to improve your credit score:

1. Correct any errors on your credit reports. Order free copies of your credit reports from Annualcreditreport.com and read them thoroughly to find errors. Removing inaccurate information can give your credit score a bump in about 30 days and costs nothing but postage. Just mark up your credit report with the errors you found, write a letter that explains the problems and ask the credit bureau to investigate.

2. Pay all of your bills on time

3. Use every credit card you have. Credit cards that never see the light of a cash register don't contribute to your payment history. Rotating charges among all your cards, and making all of the payments on time, can build a good payment history more quickly.

4. Pay down credit card balances. Try to keep your debt-to-available-credit ratio below 50% on every card.

5. Don't apply for credit on a whim.

6. Ask to have a repaid debt taken off your credit history.

7. Become a cosigner on an established credit card.

Less that stellar credit at the moment and looking for a home? Give us a call at 763-784-3400 or visit our website at www.contractorscapital.com. We can help.