K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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Improving Your Credit Fast

March 13, 2018

Improving Your Credit Fast

 

Most people don't put much thought into their creidt scores until the time comes to apply for a loan. If you expect to need financing in the next few months and aren't convinced your credit score is high enough to get you approved, you'll need to act quickly to improve your chances.  Here are a few tips: 1) pay off a chunk of your exisitng balance. Carrying a credit card balance won't just cost you more money in interest payments, it will also drive up your credit utilization ratio.  Ideally stay at or below a 30% threshold.  2) Ask for an increase in your credit limit. This is another way to improve your credit utilization ratio. If you are a long standing customer with a decent history there is a good chance your credit card issuer will comply. 3) Correct credit report errors: A simple credit report error could wreak havoc on an otherwise respectable score. It is estimated that about 20% of credit report contain errors and 4) Become an authorized user on somebody's else card:  If openinfg a new credit card isn't an option for you, you might try seeing if someone else will add you as an authorized user to an existing account. This can help you in a number of ways. If the initial cardholder pays his or her bills responsibly, those on time payments will beef up your record.  The credit limit the card in question comes with will get added to your exisitng limit which can help bring down your credit utilization ratio


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