How to Improve your Credit Score
A credit score is used to evaluate how likely a borrower is to repay their loan. Here are a few tips to help you repair or raise a credit score. If you have a high balance on one credit card, and very low balances on several others - distribute the debt across all the cards. Your score is based on the ratio of debt owed to available credit on each card. Spreading the amount owed across several cards will lower your ratios overall. Many consumers will close a credit card when they have paid off the balance. It is better to leave the card open and use it occasionally - again it will help the overall ratio of credit available versus credit debt. The last thing is to watch out for all those “pre-approved” offers you get in the mail. Even though they are advertised as “pre-approved” they will still check your credit report before final approval and impact your score with each hit. Additionally experts recommend to keep your credit card numbers between 2 and 5. Any more than 5 cards can get precarious to manage and control. Feel free to contact me - I can recommend a financial professional who will be happy to provide further information or assistance with your credit history.
