I once worked in the field of Accounting. I worked primarily with small businesses by maintaining their books and handling their payroll. In the Spring, I was responsible for every individual tax return that came through the office. During that time, I managed my own blog (over the course of 9 years) and created content on occasion for friends in the field of content writing. I chose to leave Accounting behind and focus on the one thing I have loved my entire life, writing. I have been working on content writing, and personal writing for publication, for the past two years and I won't ever look back. My research skills are impeccable so what I don't know, I know how to find it. My goal is to connect with the reader on a personal level so they don't feel like I am teaching them but rather empowering them.
**Please note: I prefer to use my maiden name of Kunschmann for publishings but my legal name is Pippinger**
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5 Ways To Repair Your Credit Before You Buy
Every homeowner dreams of getting the best interest rates on their mortgage and the only way to achieve that are to have an excellent credit score. Most mortgage companies are looking for someone with a 700-point score and will offer mortgages at a higher rate for someone with a score of less than 700. They will also reject buyers that have a score that is lower than 600 in most cases. Whether you want to be able to qualify for a loan or get a better interest rate, there are 5 ways you can work on your credit score.
Use Your Credit Wisely
The one thing about your lines of credit is that you will have to actually use it. If you obtain a credit card and then put it away, there is no utilization to work in your favor. You also should not use your credit card for everything either. Too much utilization will work against your efforts and keep you in a high-risk category. The best way to use your credit cards is to assign them one expense, such as your Netflix subscription. Then your credit cards should not be used for anything else other than an emergency car repair or an unexpected ER visit.
Pay Your Bills On Time
This sounds like a no-brainer but it’s really important when it comes to helping your credit score. When it comes to your credit cards, pay the entire balance off on the due date. If you pay just the minimum payment due, you will then have interest tacked on to the rest of the balance and you will be paying more to the company than you have to. If you pay the entire balance before the due date, it will be reported as no activity on the due date. It sounds not quite right but credit card companies only report to the bureaus when a bill is issued and if you paid it by the due date. If you pay it before the billing cycle ends, you will have a zero balance being reported. Not helpful!
Remember that some of your bills will not report good credit to a credit bureau but the minute you are late, they will! Medical and utility bills are notorious for not talking to a credit bureau until you start making late payments or miss payments. Stay on top of them!
Follow A Budget
Following a budget may not sound like it has a direct effect on your credit score but really it gives you the financial power to gain control of how your money is being used. A financial map can help you reign in some bad spending habits and make sure that you are able to make your bills. It means having peace of mind. When we are stressed out over our finances, we tend to make more mistakes financially. This is when people may miss a payment thinking they can catch up later. That budget will be a life saver!
Use A Little Known Trick
There is a trick for increasing your credit score fairly quickly in comparison to other methods. If you are having a hard time bringing up the score, check in with family and friends who have an excellent score. They can make you an authorized user on one of their credit cards and their good history should apply to yours and help bring it up. It is very important to note, they can request that a card is not sent for you to use. You may be on the account but you are only taking the advantage of the score, not the credit line.
If all of this feels overly stressful, be sure to pull in a support team to help you with it. Friends and family who can help support your efforts and hold you accountable. OnTrack Financial, here in Asheville, offers lots of free counseling and classes designed to help you get back on a healthy relationship with your money and credit score. Use them as much as you can to make your improvements!