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Ways to improve your credit score

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When purchasing a home in Santa Fe, or anywhere in the United States, having a good credit score is crucial. In today’s economy, many of us are struggling to keep our credit score in line. Here are some tips to be sure your credit score doesn’t drop lower than it should.

  1. Know what makes your credit score a good one. You must know what goes into a good credit score is, in order to maintain one. Credit scores are made up of financial records, payment history, recent credit and your level of debt.
  2. Pay your bills on time. It’s crucial to pay your bills on time, before you are charged a late fee. Even small fees, such as library fees, can end up on your credit score.
  3. Keep low balances on your credit cards. If you have a high balance on your credit cards, your credit score will be high. Try to pay cash for items when you’re able, to keep your credit card payment lower. To maintain a good credit score, your credit card balance should be approximately 30% lower than your limit.
  4. Manage debt. Seems harder than it sounds, doesn’t it? Too much debt makes it much harder to make those monthly credit card payments – especially when you are paying late fees. If your debt is lower, it will be much easier to keep a good score.
  5. Don’t close out an old credit card. When you close out a credit card, the report from that credit card company is no longer sent to credit bureaus. After about 10 years, credit bureaus will take the closed card off of your credit report. Since it has sat inactive for 10 years, the removal of that card will cause your score to drop significantly.

Thinking of purchasing a home in Santa Fe? Contact me today at (505) 780-0310, or visit my website to see all homes for sale throughout Santa Fe, Las Campanas, El Dorado and all surrounding areas.

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