How to Rebuild & Raise Your Credit Score

How to Rebuild & Raise Your Credit Scores

#CreditChatWednesday | 3 p.m. ET

Featuring: Jeanne Kelly @CreditScoop

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we shared tips for rebuilding and raising credit scores. “

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Wednesdays | 3 p.m. ET#CreditChat

Why are credit scores important?

Your credit score determines which loans you’ll qualify for and the interest rate you’ll receive. Good credit= better rates!

Tweet by @Payoff

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Your credit score is an indication of how well you manage credit. The healthier your relationship, the higher the number.

Tweet by @LeslieHTayneEsq

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Credit scores are important: the first thing a potential creditor, mortgage company or realtors check.

Tweet by @MoreThanWheels

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Wednesdays | 3 p.m. ET#CreditChat

How many credit scores are there?Which ones should we pay attention to?

Hundreds! 90% of lenders use FICO, so I would pay attention to that. But more importantly, pay attention to your credit reports.

Tweet by @creditscoop

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Pay attention to ALL your scores, not just the ones that matter to you. Tweet by @BahiyahShabazz

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Credit scores can vary depending upon what info the bureaus have, so it’s important to keep track as much as you can.

Tweet by @LeslieHTayneEsq

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Wednesdays | 3 p.m. ET#CreditChat

What information from a credit report impacts credit scores the most?

Missing a lot of payments, or even one, drops the credit score the most. Never miss one, or at least make minimum payments.

Tweet by @GTAdmissions1

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Payment history and credit utilization - make all payments on time and keep balances at or below 30% of your available credit.

Tweet by @Payoff

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Wednesdays | 3 p.m. ET#CreditChat

What can destroy a credit score quickly?

Paying credit accounts late, missing payments or not paying them at all will kill the credit score.

Tweet by @MsMadamMoney

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Missing a payment, maxing out credit cards, collections, public records. Be aware of what is on your credit reports.

Tweet by @creditscoop

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Wednesdays | 3 p.m. ET#CreditChat

What are mistakes people make when trying to rebuild credit?

Rebuilding Credit Mistake: Getting multiple credit card accounts and maxing them out.

Tweet by @MsMadamMoney

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Chasing interest rates. Some people want to take advantage of that 0% intro rate, but forget transfer fees and other costs.

Tweet by @LeslieHTayneEsq

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Don’t spend time cleaning up your credit and then make a huge credit card purchase. Try to keep balance less than 30%.

Tweet by @TurboTax

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Wednesdays | 3 p.m. ET#CreditChat

What are ways to build a good credit history?

Make sure you pay everything on time and do not max out your credit cards.

Tweet by @creditscoop

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Try to keep your oldest lines of credit open. Closing them could hurt your score.

Tweet by @RAHomes

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Wednesdays | 3 p.m. ET#CreditChat

How often should people be checking credit reports? And what should they look at?

Check your credit report at least once a year and make sure everything from name and address to pay history,

Tweet by @creditscoop

balances and inquiries are correct.

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If you’re thinking about making a big purchase, like a home, request a copy of your credit report a few months in advance.

Tweet by @TurboTax

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You should check your credit report at least once a year. You get a free one each year. Take advantage.

Tweet by @DebbiKing

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Wednesdays | 3 p.m. ET#CreditChat

What should you do if you find an error in your credit report?

Immediately contact the creditor reporting the info and file a dispute with the credit bureau who reported it.

Tweet by @LeslieHTayneEsq

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Wednesdays | 3 p.m. ET#CreditChat

Any last minute tips for those looking to rebuild credit?

If you cannot afford to pay the entire credit card balance, then don’t use the card.

Tweet by @BahiyahShabazz

#CreditChat

It doesn’t take much to trash your credit,

Tweet by @LeslieHTayneEsq

but it does take a lot to restore it.

Fixing your credit takes time and patience.

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#CreditChatWednesdays | 3 p.m. ET

Check out all the resources and tips shared:

ex.pn/creditscore

#CreditChatWednesdays | 3 p.m. ET

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