{"id":324,"date":"2015-06-27T16:31:17","date_gmt":"2015-06-27T16:31:17","guid":{"rendered":"http:\/\/thehoneybeehomes.com\/home\/?page_id=324"},"modified":"2017-06-15T13:27:41","modified_gmt":"2017-06-15T13:27:41","slug":"how-to-fix-or-improve-your-credit-score-in-grand-rapids-mi","status":"publish","type":"page","link":"https:\/\/thehoneybeehomes.com\/home\/learning-center\/how-to-fix-or-improve-your-credit-score-in-grand-rapids-mi\/","title":{"rendered":"How to Fix or Improve Your Credit Score in Grand Rapids MI"},"content":{"rendered":"

How to Fix Your Credit<\/h1>\n

Your credit score plays a major role in the big purchases of your life. \u00a0It can make or break your ability to\u00a0buy your first home,\u00a0get a loan for a reliable car, or get that cell phone you’ve been saving for. \u00a0So if your credit has some dings, improving your score is well worth the effort.<\/p>\n

\"Money\"<\/a>But where do you start? \u00a0If\u00a0looking to fix or improve your credit score in Grand Rapids, start by reviewing\u00a0the basics. \u00a0First, what determines your credit score? \u00a0Your FICO score, which is used by many lenders, is judged on the following elements:<\/p>\n

35% – Payment History
\n30% – Amounts Owed
\n15% – Length of Credit History
\n10% – Types of Credit in Use
\n10% – New Credit<\/p>\n

As a result, your credit score is ultimately determined by years of credit and borrowing history. \u00a0So,\u00a0to fix your credit score in Grand Rapids (or any city), you should start by finding\u00a0and correct any errors in your credit report. \u00a0Then, follow some basic guidelines and rules to establish and improve your credit behavior moving forward. \u00a0Let’s go into some more detail.<\/p>\n

1. \u00a0Check your\u00a0credit report.<\/strong><\/p>\n

This is a great first step, because it will help you understand your current situation. \u00a0And it is free! In Michigan, you are entitled to one free credit report per year from each of the three major credit reporting Bureaus (Experian<\/a>, TransUnion<\/a>, and Equifax<\/a>). \u00a0One excellent place\u00a0to get your report is\u00a0www.AnnualCreditReport.com<\/a>. \u00a0If you want to be really savvy, select one of the bureaus every four months… that way you can monitor your own credit, all for free.<\/p>\n

This credit report will contain information about your payment history, and may include errors (such as incorrectly reported late payments or amounts owed). \u00a0If you see any errors on your report, you can dispute them with the credit bureau. \u00a0If any errors exist, correcting them can really help your score.<\/p>\n

\"Money\"<\/a>2. \u00a0Create systems to help pay your bills on time.<\/strong><\/p>\n

Payment history is the largest portion of your FICO Score. \u00a0And while you can’t change the past, you can set up better systems for yourself moving forward.<\/p>\n

You can use a bill calendar, either online or off, to remind yourself when your payments are due. \u00a0In Grand Rapids, most utility companies and cell phone providers allow you to set up Automatic Payments from your bank. \u00a0Many Michigan mortgage companies, car loan providers, and other debt servicers have similar systems. \u00a0This can help prevent mix-ups during busy weeks.<\/p>\n

3. \u00a0Pay down your existing debt.<\/strong><\/p>\n

This is very important, but of course it is a lot easier said than done. \u00a0If you can pay down\u00a0the principal, rather than just making minimum payments on your debt, you will put yourself in a much better position.<\/p>\n

If you are overextended with your credit cards, do your best\u00a0to stop using credit cards\u00a0for new purchases. \u00a0Identify which of your cards or loans has the highest interest rate, and pay that one down first. \u00a0 This way, you are getting the most ‘bang for your buck’ while paying back what you owe. \u00a0This has been shown to be one of the quickest ways to fix your credit score in Grand Rapids over time.<\/p>\n

If you are having trouble making ends meet, contact your creditor and\/or a legitimate credit counselor. \u00a0Both can be lifesavers when it comes to creating a payment plan that works. \u00a0But beware of scams! \u00a0Protect yourself by reading\u00a0this information<\/a> from the\u00a0State of Michigan Attorney General’s office. \u00a0It has great tips on how to avoid credit scams.<\/p>\n

\"Letter\"<\/a>4. \u00a0Keep your balances low on your existing cards.<\/strong><\/p>\n

Even if you pay off your credit cards each month, the amount owed when the statement comes due often shows up on your credit report. \u00a0High outstanding debt can be a negative contributing factor to your core. \u00a0Ideally, it is best to have less than 30% of your credit used.<\/p>\n

5. \u00a0Avoid opening new or closing cards unless necessary.<\/strong><\/p>\n

If you’re looking to fix your credit score, don’t attempt to open up new cards\u00a0just to increase your\u00a0total credit limit. \u00a0Additionally, don’t open new cards just to get a ‘better credit mix’ or close unused credit cards as a short-term strategy to raise your credit. \u00a0It can backfire, and end up hurting your score.<\/p>\n

There are many other great tips on how to improve your credit score. \u00a0Some excellent resources include the credit improvement suggestion sites for Experian<\/a>, TransUnion<\/a>, and Equifax<\/a>, as well as\u00a0legitimate credit counselors. \u00a0Overall, remember that the process takes time, and making sound payment decisions will be your best ally.<\/p>\n

As always, feel free to contact us at Honeybee Homes at (616) 606-3390 for additional help regarding your home.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

How to Fix Your Credit Your credit score plays a major role in the big purchases of your life. \u00a0It can make or break your ability to\u00a0buy your first home,\u00a0get a loan for a reliable car, or get that cell phone you’ve been saving for. \u00a0So if your credit has some dings, improving your score Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":445,"menu_order":70,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-324","page","type-page","status-publish","hentry"],"yoast_head":"\nHow to Fix or Improve Your Credit Score in Grand Rapids MI | Honeybee Homes, LLC | We Buy and Sell Grand Rapids Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thehoneybeehomes.com\/home\/learning-center\/how-to-fix-or-improve-your-credit-score-in-grand-rapids-mi\/\" \/>\n<meta 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