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Are you stressing over your credit score? Your credit score is important because it helps lenders determine how likely you are to repay a debt. When you go to buy a house, mortgage lenders will look long and hard at your credit history. They want reassurance that you are not going to default on the loan. Payment history, amounts owed, length of credit history, new credit, and types of credit used all go into a person’s credit score. Late payments, for instance, have a detrimental effect on your credit score. If you are planning to buy a home and need a mortgage, here are a few ways to raise your credit score. 

Check your credit report for errors

Errors sometimes appear on your credit report. If you have a suspicion that your credit score took a hit because of an error, you should request a copy of your credit report and review it for inaccuracies. The three major credit reporting agencies include Experian, Equifax, and Transunion. A person is entitled to one free copy of their credit report from each of these agencies every year. 

Reframe from opening new lines of credit

When you open a new line of credit, your credit score will decrease slightly. The same is true if you were to obtain a large loan. Many people are under the misbelief that opening new credit accounts will increase their utilization ratio. In fact, every time you submit a credit request, it can decrease your score. 

Pay off old credit lines before closing unused accounts

Do you have any older credit lines that are no longer in use? Even if you have paid off old lines of credit, you should reframe from closing those accounts. The reason is that it may negatively affect your utilization ration.

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