{"id":1831,"date":"2022-04-26T10:00:01","date_gmt":"2022-04-26T10:00:01","guid":{"rendered":"https:\/\/www.discoveryhomes.com\/blog\/?p=1831"},"modified":"2025-02-19T18:11:35","modified_gmt":"2025-02-20T01:11:35","slug":"how-to-improve-your-credit-score","status":"publish","type":"post","link":"https:\/\/www.discoveryhomes.com\/blog\/how-to-improve-your-credit-score\/","title":{"rendered":"How to Improve Your Credit Score"},"content":{"rendered":"\n

Your credit score is the most important three-digit number\nyou need to know. It measures your financial health and tells lenders how\nresponsible you are with your credit. A good credit score can save you\nthousands of dollars over the course of a lifetime. The higher your score, the\nmore likely you\u2019ll be approved for loans and qualify for lower interest rates.<\/p>\n\n\n\n

Thankfully your credit score is not a static number. With a\nlot of dedication and work, you can improve \u2013 and maintain, your score. Here\nare some ways you can improve your credit score.<\/p>\n\n\n\n

Review your credit report<\/h3>\n\n\n\n

Before you begin to fix your credit, you need to know where\nyou stand. Request a copy of your credit report from each of the major national\ncredit bureaus: Equifax, Experian, and TransUnion. You\u2019re entitled to a free\nreport every 12 months from each company through AnnualCreditReport.com<\/a>.<\/p>\n\n\n\n

First, review your report for accuracy and report any mistakes as soon as possible. Next, check your history and see if there are any habits that are working in your favor or against you. People with higher scores often have a history of timely payments, low credit utilization, minimal inquiries for new credit, and a mix of different credit card and loan accounts. Conversely, a history of late payments, high credit utilization, collections, and judgments negatively impact your score. Identify any deficiencies and make a plan to remedy the situation.<\/p>\n\n\n\n

Stay on top of your bills<\/h3>\n\n\n\n

Paying your debts responsibly and on time works in your favor. Doing so shows lenders you\u2019re responsible with credit; making them feel more comfortable lending money to you. According to FICO and VantageScore, the two most common scoring models, payment history accounts for 35% of your score.<\/p>\n\n\n\n

Late payments, defaults, repossessions, foreclosures, and\ncollections have a negative impact on credit scores. Stay on top of your bills,\nwhether through automatic payments or setting up reminders. If you\u2019re behind on\npayments, contact your creditors to set up a payment plan to stop additional\nlate payments from being added to your history. <\/p>\n\n\n\n

Lower your credit utilization rate<\/h3>\n\n\n\n

Your credit usage is the second most impactful factor in your credit score. Lenders review your credit utilization rate, or ratio, to see how much credit you\u2019re using at any given time. <\/p>\n\n\n\n

To calculate this for yourself, simply add up the total\namount of credit from credit cards and loans\/lines of credit you\u2019re using and\ndivide by the total amount available. Say you have two credit cards with a\ntotal credit line of $5,000. If you spend $1,000 across both cards, then your\ncredit utilization rate is 20%. <\/p>\n\n\n\n

A good rule of thumb is to keep your credit usage below 30% or less of your total credit limit. This can be accomplished by paying off your credit cards in full each month or making an extra loan payment. If you have a high income, you can also request a credit limit increase however, this only works as long as you don\u2019t also increase your spending. <\/p>\n\n\n\n

Apply for new credit sparingly<\/h3>\n\n\n\n

Whenever you apply for a new credit card or loan, a hard\ninquiry is made on your credit report, which can temporarily lower your score. Hard\ninquiries remain on your report for 24 months and may impact your score for the\nfirst 12 months. So think twice before opening that store credit card to save\nmoney on your purchases. When you\u2019re rebuilding your credit score, these credit\ndings can slow down your progress. <\/p>\n\n\n\n

And don\u2019t worry; checking your credit report does not impact\nyour score!<\/p>\n\n\n\n

Reconsider closing old accounts<\/h3>\n\n\n\n

Resist the urge to close old credit accounts. The longer your\ncredit history is, the better. Closing old accounts will not only lower the\naverage age of your credit but can potentially increase your credit utilization\nratio. <\/p>\n\n\n\n

When it comes to improving your credit score, there isn\u2019t a\nquick fix. It can take three to six months before you start to see changes so\ndon\u2019t get discouraged! All the work you put into fixing your credit score is\nwell worth the effort.<\/p>\n\n\n\n

When you\u2019re ready to start your journey to your new home,\nvisit us at DiscoveryHomes.com<\/a> to\nlearn more about our new home communities throughout Northern California! Our\nnew construction homes are perfect for families of all sizes, whether you\u2019re\nlooking for your first or your forever home. We look forward to helping you\nfind your home.<\/p>\n","protected":false},"excerpt":{"rendered":"

Your credit score is the most important three-digit number you…<\/p>\n","protected":false},"author":1,"featured_media":1827,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[319,83,314],"class_list":["post-1831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homebuying-tips","tag-credit-score","tag-financing","tag-home-financing"],"yoast_head":"\nHow to Improve Your Credit Score - Discovery Homes Blog<\/title>\n<meta name=\"description\" content=\"With a lot of dedication and work, you can improve \u2013 and maintain, your score. 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