Here are a few simple rules for keeping your credit in good shape:· Pay your bills on time. Most lenders look at whether you’re on time or late with your bills. If you’re currently behind, catch up before applying for credit.
· Don’t be too close to your credit limits. The more cards you have close to the limit, the more of a risk you are to lenders.
· Cancel any credit cards that you don’t use. If you have several, even with zero balances, you’ll have difficult time getting additional credit.
· Get a copy of your credit report and correct any errors on an annual basis. One in 4 credit files contains errors. Call TRW, Equifax, or Trans Union for obtaining a copy of your credit report. Be sure to dispute any errors by inserting up to 100 words on the report to explain your side of the story.
· Find out how many inquiries are on your credit report. Every time you apply for a credit card, an inquiry is included. If too many credit card companies inquire at once, they may be suspicious about your intentions. If you have 5 or more inquiries in the past 6-8 months, wait a few months before applying for credit.
As a lender, I may be able to help you clear up any discrepancies you discover on your credit report.
Please give me a call if you have any financing needs or questions or visit www.BayAreaHomeBuyersInfo.com.
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