Credit score optimization
Hey Guys I am new to the community and I was wondering how can you improve your credit scores fast to optimize score in order to qualify for Best rates ?
Thank you
Pay any past-due accounts. Always make payments on time. Pay down credit card balances but keep the accounts open, so your utilization of your available credit goes down. Also, ask for higher credit limits so your utilization goes down. Don't open too many new accounts.
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#3 All Forums Contributor
- Contractor/Investor/Consultant
- West Valley Phoenix
Quote from @Nathan A.:
Pay down credit card balances but keep the accounts open, so your utilization of your available credit goes down.
This ^^. I made the 'horrible mistake' a couple years ago of actually getting out of debt completely (hey, I thought that was an admirable goal:-)
My score dropped by over 120 points a few months later. They really do not want you to be debt free, you are a bad customer at that point. What a screwed up system.
I personally don't care what my credit rating is, so.....meh...
Bruce
Totally agree with you, but keep in mind the sytem is no there to help us. Is there for the banks to be able to charge you high interest?
Te get a loan on a phone or a 20-unit building they still check our credit.
Keep usage at 10% or less all the time.... not only at end of the period.
Inquires less than 3 per year.....
Luis M
Also like to add if you have not already try to subscribe to a credit reporting service so that you can view your credit score and all the components of it. They also notify you when your credit score changes and why so can you keep tabs on how you are impacting your score.
One thing that helped me was going straight to a loan officer. I talked to them about getting a home for myself and ways to up my credit score. They are a great source to help better your credit.