A Commonsense Path to a Better Credit Score

As a both a residential realtor and owner of Royal Commercial Capital in Burnsville, Minnesota, Anthony Pierpont regularly interacts with clients who may be concerned about their credit scores. To help counteract the damage that a poor credit score can do, Anthony Pierpont often voluntarily donates his time and expertise to guide people toward improving their credit, and therefore their long-term financial security.

A poor credit score makes it difficult to take out an affordable loan. This can have serious consequences for anyone trying to purchase a home or car, get a credit card, or start a business. Fortunately, while improving a credit score takes time and discipline, there are a handful of straightforward ways to start improving it:

– Review credit history. Everyone is entitled to inspect his or her credit history for free. Errors should be reported and corrected as quickly as possible.

– Make payments on time. A long track record of reliable payment steadily increases a credit score. Conversely, frequent missed payments or extended delinquency reflect poorly, as do major defaults like bankruptcy or foreclosure.

– Keep lines of credit and applications to a minimum. Having too many separate credit cards or other lines of credit can appear very risky to a lender. Similarly, every application for credit appears on a credit history. Whether or not it was granted, it may appear to a lender to be an additional unnecessary line of credit.

– Maintain a low balance. In general, a lower outstanding balance on a credit card looks better to a lender, because it implies the credit holder can responsibly handle the payments.

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