How is your credit?
Do you know what your credit score is? What do you do to build your credit?
Average credit score in the United States: 687, Utah: 637, Minnesota: 718
Of all the states in America Utah and Texas have the lowest average credit scores in the United States.
A borrower’s credit score is very important when applying for a loan. The higher the credit score, the more reliable the borrower. Keep your credit score high!
Things to avoid:
- Paying late
- Not paying at all
- High balance on credit card
- Maxed out credit card
- An account sent to collections
- Defaulting on a loan
- Filing for bankruptcy
- Home foreclosure
Things to do:
- Get a copy of your credit score review it, find the areas you need to work on.
- If there are errors, dispute them!
- Pay off a debt- especially those with the highest interest rates
- Lower your credit card balances- Use cash!
- Pay off all past due balances
- Avoid a new credit card application
- Contact your creditors- they may have suggestions
- Be patient and diligent- it won’t happen overnight but your persistence will pay off!