5 Steps To Improving Your Credit

5 Steps To Improving Your Credit

Improving you credit takes time, effort, and patients. Without taking the first step, your FICO score will never improve. Here's a look at 5 steps yo cam take right now to bump that score up. 


Get Your Credit Report: The first step in improving your credit score is understanding it. You have the right to get your credit report from the 3 credit bureaus once a year. Experian; www.experian.com, Transunion: www.transunion.com, and Equifax: www.equifax.com. You can go to the website www.annualcreditreport.com or call the company at 1-877-322-8228 to get a copy from each credit agency. Understand, this will not include your score, just your history. To get your score, you will need to pay a fee or talk to a mortgage consultant. 

Side Note: When pulling your credit, it is a good idea to "opt out" of trigger leads. A company can find out who is in the market for new financing by contacting the major credit agencies. You could be flagged when applying for a mortgage or inquiring about your credit report. The website that allows you to opt out is www.optoutprescreen.com.


Dispute Inaccuracies: Look over your credit report and make sure that all the information is accurate. You can dispute anything that you find that is untrue. Once you notify the credit bureau of any inaccuracies, they have 30 days to respond. If the information can not be confirmed, it should be taken off of your report. 


Pay You Bills On Time: Even a day late on a payment can cause a major hit on your credit score. Paying on time accounts for 35% of your FICO score. It's the highest rated factor.


Reduce Debt You Have: Bring down the amounts you owe on credit cards and other accounts will have a Huge impact. Take a look at your accounts, figure out how much you owe, and begin paying them down. Sometimes easier said than done. Also, put the credit cards away and tighten the budget. Pay off what you can, while paying at least the minimum payments on the rest of your accounts. 


Meet With Your Mortgage Lender: Knowing your credit history is the first step in improving your score. Knowing the FICO score is the next step. Talk to your mortgage lender about your credit history and the score. Your lender can help you get on the right track for your first mortgage, upgrade, or refinancing. 


The more you know., the smoother your home buying process will be. Reach out to a real estate agent if you do not have a lender you are working with. Most agents have a handful of lender's they prefer. Keep in mind, just because an agent refers you to a specific lender, it does not mean that you have to stick with that lender, feel free to shop around and find the lender that works best for you. 


Now go out and start looking for your next dream home. There are so many people working to help you find what it perfect for you. It all starts with you! Let the process begin! 


Happy Hunting! 




Cory Pangburn Headshot
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Phone: 616-482-9332
Dated: May 2nd 2016
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