Easy Way to Increase Your Fico Score

 

by Mari Takeshita

If you are considering purchasing a home, then Your Fico score is very important. But if your score is lower than needed, get a secured credit card or two.

A secured credit card is where you give the bank or credit union money up front and then in return, that institution gives you a credit card for that amount. A secured card for just $300 will improve your score dramatically, provided you keep a couple of credit basics in mind.

Do not allow the amount you charge on your card to exceed more than 1/3 of the credit limit. On the $300 card, do not charge more than $100. Your credit score starts to go down when you owe more.

Always make your payment on time. A 30 day late payment is said to reduce your score by 50 points. And if you have two 30 day lates, that is two 30 day lates and one 60 day late!!
It will take months to recover your score from that large a drop in points.

Ask a knowledgable Realtor or mortgage loan officer for other ways to simply increase your credit score.

Mari Takeshita
Your Realtor
303-941-6274
Cherry Creek Properties