Is it really that important to raise your credit score? Maybe. Lenders have “break points” between scores that get you one interest rate or another. Suppose you have a score of 688, and the lender drops the mortgage rate by .5% at 690. Those two points can cost you an extra $20,000 in interest on a $170,000 loan (over 30 years at 6.5% instead of 6%). Is that important enough for you? What can you do?
Eight Ways To Raise Your Credit Score
There are ways to raise your credit score. Some of them take more time than others to have an impact, but if you start working on it now, you can boost that score before long.
1. Check credit reports for errors. If there are errors that are hurting your score, contact the credit reporting agency that issued the report and challenge them. The agency is obligated to investigate and correct any mistakes within thirty days. If a creditor doesn’t respond to their inquiries, they have to automatically remove the item in question (you may have to remind them about this part of the law).
2. Pay off balances every month. It is just good for your future, as a way to keep you out of excessive debt. It...
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