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:

1. Paying late
2. Not paying at all
3. High balance on credit card
4. Maxed out credit card
5. An account sent to collections
6. Defaulting on a loan
7. Filing for bankruptcy
8. Home foreclosure

Things to do:

1. Get a copy of your credit score review it, find the areas you need to work on.
2. If there are errors, dispute them!
3. Pay off a debt- especially those with the highest interest rates
4. Lower your credit card balances- Use cash!
5. Pay off all past due balances
6. Avoid a new credit card application
7. Contact your creditors- they may have suggestions
8. Be patient and diligent- it won’t happen overnight but your persistence will pay off!