Credit is a lot like trust. Typically it’s given in the beginning, but when it’s broken it can be very difficult to get back. Here are a few tips to make sure we don’t break it to begin with.
Credit Utilization: Keep credit cards within 30% of the limit. So, on a credit line of $1,000 try not to exceed a $300 balance. This will show you have and use it, but don’t over use it.
Closing accounts: Having credit history requires that you let accounts show a long history. Installment accounts will automatically close when paid off. It’s okay to let a credit card sit with a zero balance.
Limiting tradelines: Try not to have too many revolving accounts. It’s okay to have a few credit cards as long as they are paid on time and are not being over used, but too many tradelines will negatively impact scores.
Inquiries: Try to limit the number of inquiries. It’s fine to inquire about a car or a house, but it may not be worth it to save 5% at a department store on a $30 purchase.
Credit Tips & Tricks
Thrive Credit Upgrade
Thrive Home Loans is committed to getting our customers the best loan possible. Every customers credit profile is reviewed in depth as part of of our free home loan consultation. We look for ways to help improve your credit score in the most timely and cost effective way. Increasing your credit scores will improve your interest rate and loan terms.
Ask your Thrive Loan Originator about the free credit upgrade service.