If you keep these tips in mind – your credit scores should always be high.
- When possible, make automatic payments so bills get debited from your checking account at the same time every month.
- Pay on time – every month.
- Pay down credit card balances – pay more than the minimum payment. You should stay under 50% of your available credit, even if you pay the entire bill every time.
- Do not close a credit card, even if you do not use it. When you add up the balances of all of your outstanding debts and compare it to the credit limits – there should be at least 50% credit available.
- Do not get tempted to apply for instant accounts at department stores, even if you get a savings. In general, it is not good for your FICO score.
Our IN-HOUSE Credit Services Department can evaluate the credit report and offer personalized recommendations that could potentially improve a borrower’s credit rating. This is a FREE service to ALL applicants of NOVA Home Loans!