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  1. Is It Time to Refinance? Here Are The Steps You Need to Take
  2. Saving For Your First Home? Here’s Everything You Need to Know
  3. Options, Options, Options
  4. A Personalized Approach
  5. Credit Confusion
  6. Building Your Dream Home
  7. Tax Time in Wisconsin
  8. Don’t Let Intimidation Get in the Way of Home Ownership
  9. Setting Financial Goals for the New Year
  10. Buying a home after bankruptcy

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Credit Score Tips

December 02, 2015

There are some simple tried and true things you can do to improve your credit score. First, remember to be patient. Credit scores do not improve overnight, but with these few simple tips, you may find your score on the rise. Credit scores are based on hundreds of factors, but paying attention to just a few can give your score a leg up you’re looking for.


First and foremost, pay those credit cards on time, even if it's the minimum amount. Secondly, do not be tempted to run those cards up. The advice on credit card balances is to keep your balance under 30% of the credit limit. Charging large amounts and paying them off monthly can still affect your score, the same as carrying a balance larger than 30%.


Good debt is credit you have paid on time, and the longer the history on the good debt is, the better it is for your score. Closing older accounts is not recommended, as it shows you have long established credit. Do not try to have this debt removed from your credit history, it's important for your score.


Too many open credit lines with small balances on a number of cards can have a negative effect, driving your score down. Eliminate these by paying these lines down to zero and consider closing one or two of the more recent cards if you have several of these. But remember, you do not want to close too many credit lines at once, as this can also have a negative effect on your score.


Select one or two cards and use them for all your charging needs, and remember to avoid running them up past 30% of your credit limit. Be sure to keep at least 3 open trade lines, these being current car loans, home loans, student loans, and credit cards.


Check your credit - many services are available now to help you monitor your score and activity for free. The state of WI Department of Financial Institutions also allows you to pull your credit for free once a year, just to keep an eye on its health and accuracy. Check to make sure there are no inaccurate late payments, collections, or inquiries, and dispute any errors with the credit bureau.


Set up a payment reminder for your credit cards. Many card services now offer monitoring and payment reminders for your account. On time payments are the number one way to promote good credit health.


Lastly, contact our office! With years of experience in analyzing credit and helping customers reach their goals for home ownership, GSF can guide you on how to improve and maintain a strong credit score. A mortgage is an excellent way to increase your score with a great pay history for your credit report.


For a free credit report visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 30348-528


Ron Meyer
GSF Mortgage Corporation
300 Patriot Dr.
Little Chute, WI 54140
(920) 788-9608
NMLS #222688 & 1018