Real Estate


Good Afternoon!

Last week we talked about some quick tips to up our financial game. Part of that was checking in on our credit scores. This week, I thought it would be nice to dive in on how we can improve those scores. I did some research and spoke to some experts and want to share with you what it is I learned. 

So, as we do, let’s talk Real Estate, let’s talk 5 QUICK TIPS TO IMPROVE YOUR CREDIT SCORE…

It turns out that there are many different things you can do to improve your credit score, so let’s break them down. 

First things first, you need to make sure your credit report is accurate. There may be something on your report that is not true, not accurate, or simply not yours. Having an accurate credit report is one of the first steps to cleaning up your score. 

You can reach out to a credit repair expert to help tidy up your report. While they may be able to help you with credit restoration, it is important to note that credit restoration does not always mean debt cancellation. Just because a credit repair expert may be able to get some negative items removed from your report, if the debt is valid, you still owe it. Ignoring such debt can actually come back to bite you in the butt down the road if you go to apply for something as big as a mortgage. I spoke with BPlusConsult who has successfully negotiated down debt owed to just 12% of the original debt balance for their clients. I will include their contact at this end of today’s post. 

Times are hard right now. For everyone. So please take this “tip” with the understanding that we know that this is not always possible for everyone. However, whenever possible, pay your bills ON TIME. 

Experts recommend that if you know that you will not be able to pay one of your bills on time, contact that creditor. Do not ignore it. More often than not your creditor will be willing to work with you and come up with a payment schedule that works for everyone. Getting ahead of these hiccups, and keeping your creditors in the loop can drastically help your credit score in the long run.

When you raise your credit limit, and keep your spending the same (or lower), you decrease your credit utilization rate. The goal is to keep your credit utilization rate under 30%, but to really stay on track, try to aim for 10%-15%. 

By decreasing your credit utilization rate, you can bump your credit score in as little to one to two months. 

Utilizing a combination of various debt servicing options (i.e. a combination of an auto loan, or a student loan, and your credit cards, etc)  if handled properly, can also help increase your credit score. I say handled properly because  I do not think anyone would ever recommend that you go out into the world and rack up all of the various types of debt you can get. BUT, taking on debt (when needed), and paying it off on time, can increase your score. 

This was a quick tip I only learned about in the past couple of years! Paying your balance twice per month allows your to keep your credit balance down. Here is why keeping your balance down is important for your score. Credit agencies report your balance to the credit bureau once per month. Even if you pay this bill down in full once per month, the agency may report your balance to the bureau before you pay this down. This could look like you are using a significant portion of your credit capacity and that you have a higher credit utilization rate. By paying your bill down twice per month, your balance stays low, so that no matter when the agency reports your balance to the bureau, you do not have to worry about it appearing that your credit utilization rate is too high. 

If paying your bill down twice a month sounds annoying or just not feasible, another way you can make sure that your balance is low before the creditor reports your balance to the credit bureau is to track exactly when your creditor makes these reports, and pay your balance down just before then. 

Ultimately, this is a hard time for many, so learning how to be smarter with our finances and properly utilize credit,  can help set us up for the long run. Once we understand how credit works, it can be a great tool to help us move forward with our personal and business financial goals. If you have questions on how to properly utilize credit or clean up your credit report, reach out to BPLUS CONSULT. 

(P) 1 (770) 285-4779

Charities That Need Our Help

Feeding America
 “This organization helps feed communities and individuals facing hunger across the United States through a nationwide network of food banks.”

No Kid Hungry
“With coronavirus forcing mass school closures across the country, millions of children are losing the daily meals they depend on. No Kid Hungry uses donations to send emergency grants to food banks and local community groups. It diverts resources to feed kids in the hardest-hit communities. The organization also has plans in place to ensure families know how to find food while schools are closed and making sure kids get three meals a day.”

Meals on Wheels
“This organization delivers meals to the country’s elderly population. Many of its local programs are struggling with the additional costs of delivering meals during the outbreak.”

The CDC Foundation
“This nonprofit organization for the CDC is raising funds to help respond to the public health threat when federal and state funding is not available. The foundation said it will use the funds to support state and local health departments in the US as well as support the global response including logistics, personal protective equipment, and critical response supplies.”

The American Red Cross
“As the number of coronavirus cases increases in the US, the number of people eligible to give blood and platelets for patients in need could decrease further, the Red Cross said. The organization is urging all eligible, healthy donors to donate blood and platelets to help maintain a sufficient blood supply flow and avoid potential shortages.”

Happy Wednesday! & Stay Healthy!

Instagram: @erinhomeandrealestate
FB Page:
Twitter: @ErinKellyHomes

p.p.s. if you are looking for an online class to help boost your social media presence – check out I have personally done this class and found it super helpful!

All data and information provided in this email is for informational purposes only. This email makes no representations as to accuracy, completeness, suitability, or validity of any information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.

Opinions stated here are my own and not the views of eXp Realty. 

Data Sources for Today’s Content: 
Me – this is based on my own personal experience!

Leave a Reply

%d bloggers like this: