When it comes to applying for a loan, the higher your credit score the better. Lenders not only use credit scores to evaluate loan eligibility, but also to determine interest rates and credit limits. Bottom line: higher credit score equals lower interest rates and more credit. So how do you improve your credit score?
Pay your bills on time. One foolproof way to improve your credit score is to pay your credit card on time. Set an alarm on your calendar, so you don’t forget. Or even better, enable autopay.
Check your credit report for errors. Before you go about improving your credit report, it is a good idea to know where you stand. Once a year, you can obtain a free credit report from each of the three credit bureaus: Experian, Equifax or TransUnion. Carefully look through your credit report to make sure there are no inaccuracies.
Use an online app to monitor your credit score. Online apps such as CreditKarma or Mint, are free, trustworthy ways to regularly monitor your credit score. A huge pro is that these apps give you personalized ways to improve your individual credit score.
For more information on Visio's rates and credit score impact, view our loan programs. For more information on improving your credit score, download our credit one pager below or view our "Credit Score" page.
Disclaimer: The information in this blog has been prepared solely for informational purposes. The contents are based upon or derived from information generally believed to be reliable although Visio Lending accepts no liability with regard to the user's reliance on it. For legal advice, please contact your counsel.