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How do I Improve and Maintain A Healthy Credit Report?
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First of all get your hands on your credit report. There are three major credit bureaus: Equifax, Experian and Transunion. Congress recently amended the Fair Credit Reporting Act. You are now eligible to receive one free credit report from each of the agencies per year. It is also important what know constitutes a good credit score. A score of 660 is the border of fair and good credit. But some mortgage deal will only become available for individuals with a score past 700.
So how do you get to improve your score if you have less than perfect credit and are looking to buy a Aspen home?
Check your credit report for false reporting. Has anybody mistakenly reported a late payment or a default. If so get in contact with the company and get them to delete the erroneous report to the credit agency. If there are no errors the real work begins. If you have one credit card with a large balance distribute that balance to several existing cards.
Be careful in having companies check your credit frequently. The more your credit is accessed the more you will get penalized. If you are shopping for a mortgage have all companies check the credit report within a 14 day window. this is viewed as only one inquiry and will have minimum possible impact on your credit score.
There a lots of more avenues you can take including hiring professional help to improve your credit score. |
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