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DO open a secure card with your bank, if you’re looking to build your credit.
Do not open new credit accounts if you don’t need help building credit.
Paying off all credit card debt doesn’t necessarily have to be done to buy a home. Talk with your lender before making any large payments, payoffs or other big financial decisions.
Utilization matters. How much of the available credit line are you using? Stay within 30 % utilization. If your credit line is $1,000, stay under the $300 mark, if your credit like is $10,000, stay under $3,000.
Four Manageable Steps to Improve Your Credit Score
The Financial Snowball Effect
The financial snowball effect is a debt repayment strategy where you pay off your smallest debts first. The name comes from the idea of rolling a snowball down a hill, where the amount you pay toward your debt grows as you pay off each debt.
Piggybacking
If you are a young person with less than seven years of credit, this might be a great option for increasing your credit scores. Piggybacking is simply being added to a person’s line of credit, as an authorized user. This does not require you to be issued a credit card but will allow you to share a part of that person’s FICO score.
Experian Boost
Visit Experian Boost to add items, such as, cell phone bills or utilities to show your good payment history and give your credit scores a boost! As a bonus, Experian can also help you to check your credit score for free.
Protect Your Credit
Visit Opt-Out Prescreen to protect the selling of your credit information by selecting a 5-year electronic out-out.
In Case of Credit Emergency, Break Glass:
If your credit issues are beyond the scope of the above steps, we’ve partnered with UQual, the home loan readiness company.
UQual has a proven track record of assisting future homeowners with credit repair and home purchase preparation to improve chances of approval and secure better interest rates.