Our Top 3 Ways To Boost Credit Scores Fast:
If you’re on a homebuying journey, you probably know that your credit score plays a crucial role in the process. A high credit score can be advantageous in the homebuying journey, providing potential benefits along the way. But how can you boost your credit score fast? Here are three effective strategies to consider:
Reduce Credit Utilization:
One of the most impactful ways to improve your credit score is by reducing your credit utilization. Aim to utilize no more than 30% of your available credit on each credit card, and ideally, keep it around 10%. Credit utilization makes up 30% of your credit score calculation, so lowering it can have a significant positive impact.
Consider reaching out to your credit card provider to request a credit limit increase. By doing so, you can further lower your credit utilization, giving your score an additional boost. Just be cautious, as some providers may pull your credit report, resulting in a temporary dip in your score.
Become an Authorized User For Credit History:
Another strategy to enhance your credit score is becoming an authorized user on someone else’s credit card. Choose a person with a solid credit history and a good payment track record. By piggybacking on their positive credit behavior, you can see an immediate improvement, especially if you have limited credit history yourself.
Keep Old Accounts Open For Better Credit:
Resist the temptation to close old credit card accounts, even if you’re not actively using them. The length of your credit history contributes 15% to your credit score calculation. Closing old accounts can potentially lower your score, so it’s best to keep them open, even if they come with annual fees. To manage them better, consider setting up automatic payments.
We Hope These Tips On How To Get A High Credit Score Helped!
In conclusion, as you navigate the home shopping process, understanding the importance of your credit score is essential. Implementing these strategies can lead to a healthier, higher credit score, which, in turn, can open doors to better mortgage options. Remember, having the right team to guide you through the homebuying journey is equally crucial. For more valuable insights on personal finance and mortgage tips, be sure to follow us.
We are here to guide you every step of the way and help you find your dream home. ClearPath Mortgage Solutions serves Albany, Schenectady, Saratoga, Hudson, and various other counties in New York State.
ClearPath Mortgage Solutions, Inc. is a Registered Mortgage Broker, NYS Department of Financial Services, NMLS #1394615. Mortgage loans are arranged through third-party providers. Equal Housing Opportunity. The content provided within this booklet is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Address: 43 British American Boulevard, Suite 5, Latham NY, 12110(518) 389-7070 / (888) 872-9740 / [email protected]
