How Peggy Bain Helps Consumers Improve Their Credit Scores

 

Taking time to listen to potential clients primary requirement allows me to give them their options on loan programs that will fulfill his or her requests. This will be one of the finest investments made and as their Loan consultant, I want them to benefit not only now, but for their future also.

WAYS TO IMPROVE CREDIT SCORES

  1. Pay down your credit cards.  Paying off your installment loans can hel your scores, but typically not as dramatically as paying down or paying off revolving accounts such as credit cards.  lenders like to see a big gap between the amount of credit you owe and your available credit limits.  Getting your balances below 30% of the credit limit is ideal
  2. Use your cards lightly.  Big balances can hurt your scores, even if you pay your bills in full each month.
  3. Check your limits.  Your scores might be lower if your lender is showing a lower limit than you actually have.  Most credit card companies will quickly update this information if you ask.
  4. Use an old card.  The older your credit history, the better.  if you stop using your oldest cards, issuers may stop updating them at the credit bureaus and although the accounts will still appear, they won't be given as much weight in the scoring formula.
  5. Get some goodwill.  if you have been a good customer, a lender might agree to simply erase that one late payment from your history.  usually the lender requires a request in writing.  There is no guarantee that the lender will adjust your history, but it can't hurt to ask.
  6. Correct significant errors.  Your credit scores are calculated based on the information in your credit report file, so errors can really cost you.  not all that's reported in your file matters to your scores.  Here are some items that's usually worth correcting with the bureaus:  late payments, charge-offs, collections or other negative items that are not yours, credit limits reported lower than they actually are, accounts listed as unpaid that were included in bankrupcy and accounts listed as derogatory if you paid htem on time and in full.  Some items that you typically shouldn't worry about are misspelling of your name, outdated or incorrect address information, most inquiries, accounts closed listed as being open and accounts closed that don't say 'closed by consumer".

 

Keep in Mind that asking a creditor to lower your credit limits, making a late payment, consolidating your accounts and applying for new credit if you already have plenty, can lower your credit scores.

Call Peggy Bain today to help you decide which loan product fits your needs, and to get suggestions on raising your credit score!

Peggy Bain

Senior Loan Consultant

Nationwide Home Lending

225-248-4002 Direct Line

225-335-7908  Cell

4212 American Way, Ste. C

Baton Rouge, LA  70816