How to Increase Your Credit Score
One of the most important factors in calculating a mortgage, which is often overlooked by many, is the credit score of the individual applicant. Credit scores are used by lenders to calculate interest rates, with higher scores receiving better rates and leading to better savings; lower scores get worse rates, and those with scores lower than 600 are often not able to apply for mortgages. However, due to the categorization of credit scores, even seemingly small increases in your score can help you save tens of thousands of dollars.
An article on MyMove, by Jessica Walrack, explains how people can build up their credit stores. Experts recommend getting access to your credit report, so you can see your credit score and financial history, and making sure there are no errors in the report. The article also describes ways manage and build up credit. A quicker way to increase credit is to include bills for services like phones and utilities to your report, which is especially useful for those with little conventional credit history. When using a credit card, it is also recommended to avoid falling behind on payments, as well as exceeding a certain threshold of credit utilization relevant to your credit line. These details and more are available in Walrack’s article, which is linked below.
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