How to Rebuild & Raise Your Credit Score
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How to Rebuild & Raise Your Credit Scores #CreditChat Wednesday | 3 p.m. ET Featuring: Jeanne Kelly @CreditScoop
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Transcript of How to Rebuild & Raise Your Credit Score
How to Rebuild & Raise Your Credit Scores
#CreditChatWednesday | 3 p.m. ET
Featuring: Jeanne Kelly @CreditScoop
Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we shared tips for rebuilding and raising credit scores. “
Check Out All the Tweets and Resources:
ex.pn/creditscore
Wednesdays | 3 p.m. ET#CreditChat
Why are credit scores important?
Your credit score determines which loans you’ll qualify for and the interest rate you’ll receive. Good credit= better rates!
Tweet by @Payoff
#CreditChat
Your credit score is an indication of how well you manage credit. The healthier your relationship, the higher the number.
Tweet by @LeslieHTayneEsq
#CreditChat
Credit scores are important: the first thing a potential creditor, mortgage company or realtors check.
Tweet by @MoreThanWheels
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
How many credit scores are there?Which ones should we pay attention to?
Hundreds! 90% of lenders use FICO, so I would pay attention to that. But more importantly, pay attention to your credit reports.
Tweet by @creditscoop
#CreditChat
Pay attention to ALL your scores, not just the ones that matter to you. Tweet by @BahiyahShabazz
#CreditChat
Credit scores can vary depending upon what info the bureaus have, so it’s important to keep track as much as you can.
Tweet by @LeslieHTayneEsq
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What information from a credit report impacts credit scores the most?
Missing a lot of payments, or even one, drops the credit score the most. Never miss one, or at least make minimum payments.
Tweet by @GTAdmissions1
#CreditChat
Payment history and credit utilization - make all payments on time and keep balances at or below 30% of your available credit.
Tweet by @Payoff
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What can destroy a credit score quickly?
Paying credit accounts late, missing payments or not paying them at all will kill the credit score.
Tweet by @MsMadamMoney
#CreditChat
Missing a payment, maxing out credit cards, collections, public records. Be aware of what is on your credit reports.
Tweet by @creditscoop
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What are mistakes people make when trying to rebuild credit?
Rebuilding Credit Mistake: Getting multiple credit card accounts and maxing them out.
Tweet by @MsMadamMoney
#CreditChat
Chasing interest rates. Some people want to take advantage of that 0% intro rate, but forget transfer fees and other costs.
Tweet by @LeslieHTayneEsq
#CreditChat
Don’t spend time cleaning up your credit and then make a huge credit card purchase. Try to keep balance less than 30%.
Tweet by @TurboTax
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What are ways to build a good credit history?
Make sure you pay everything on time and do not max out your credit cards.
Tweet by @creditscoop
#CreditChat
Try to keep your oldest lines of credit open. Closing them could hurt your score.
Tweet by @RAHomes
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
How often should people be checking credit reports? And what should they look at?
Check your credit report at least once a year and make sure everything from name and address to pay history,
Tweet by @creditscoop
balances and inquiries are correct.
#CreditChat
If you’re thinking about making a big purchase, like a home, request a copy of your credit report a few months in advance.
Tweet by @TurboTax
#CreditChat
You should check your credit report at least once a year. You get a free one each year. Take advantage.
Tweet by @DebbiKing
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
What should you do if you find an error in your credit report?
Immediately contact the creditor reporting the info and file a dispute with the credit bureau who reported it.
Tweet by @LeslieHTayneEsq
#CreditChat
Wednesdays | 3 p.m. ET#CreditChat
Any last minute tips for those looking to rebuild credit?
If you cannot afford to pay the entire credit card balance, then don’t use the card.
Tweet by @BahiyahShabazz
#CreditChat
It doesn’t take much to trash your credit,
Tweet by @LeslieHTayneEsq
but it does take a lot to restore it.
Fixing your credit takes time and patience.
#CreditChat
#CreditChatWednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/creditscore
#CreditChatWednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
bit.ly/join-creditchat
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