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How to Improve Your Credit: The SCP Way

Posted by admin on November 17, 2017
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We’ve all seen the commercials that scare us into believing that owning land or a home is an unachievable dream if we have a poor credit score. At Santa Cruz Properties, becoming a landowner isn’t a fantasy but a reality.

We have plenty of owner-financed lots available in Hidalgo County and Starr County, regardless if you have bad credit.

But we also realize that improving your credit score is a meaningful goal to be worked towards and can greatly benefit future interest in purchasing more land or another home. Our team at Santa Cruz Properties not only wants to provide you the opportunity to follow the American Dream but we also want to ensure you can continue living the American Dream with a great credit score.

Believe us. It’s easier than you think.

[bctt tweet=”Payment history makes up 35% of your #FICO score calculation. #SantaCruzProperties” username=””]

Get Your Free Credit Report

When it comes to your credit score, learning what it is should be the first step you take.

Printing out a report may sound like money leaving your wallet, but luckily all three major credit bureaus (TransUnion, Equifax, and Experian) will print you out one copy for free every 12 months through annualcreditreport.com. This report will only showcase your FICO score, but thankfully, when it comes to mortgage companies, that is the only score that matters.

Why? Because FICO scores are the best indicator of your credit situation. They usually run between 300-850, and the higher it is, the better. Most FICO scores fall within the 600s or 700s. Anything lower than that and you will have a hard time applying for credit cards or purchasing a vehicle.

Set Payment Reminders

No matter how you do it, setting up a payment reminder for all of your bills’ due dates is the perfect way to keep your credit score in good shape.

  1. Some banks may offer payment reminders as a service through their online banking. Check the account portal for any email or text message notifications that will be sent in regards to payment reminders.
  2. Enroll in autopay. So long as you have the money in your bank account, the bill will automatically go through and you don’t have to worry about which bills are due.
  3. If you want to instill better money management practices, at the beginning of each month, mark your calendar for each bill’s due date. The day before the due date, make the payment. Be careful with what you spend on a daily basis, however. The general rule is you cannot afford something if you can’t pay twice the amount of its price tag.
  4. Instead of a calendar, set up an alarm on your smartphone at the beginning of each month.

There are plenty of methods that can help you make your payments on time. Take advantage of them to help build up that credit score!

Most Importantly, Reduce the Amount of Debt That You Already Owe!

The more that you have a debt in collections, the more it can damage your credit score. By funneling an extra bit of every paycheck towards your debts, the quicker they will disappear and the better your credit score. Honestly, being debt clear is a lot more exhilarating than simply improving your credit score.

But in order to do so, you’ve got to stop using those credit cards. Adding more to the debt isn’t going to help you in any way.

The first thing you’ll want to do is grab your credit report and sit down to review all of your accounts. Afterward, check recent statements to figure out how much is owed on each account and at what interest rate they are charging you. Save up your money and make payments toward the debt with the highest interest rate first. Then, make minimum payments toward the other accounts. Cycle through all your accounts like this until they are finally paid off.

[bctt tweet=”Accounts owed makes up 30% of a #FICO score’s calculation. #SantaCruzProperties” username=””]

Things to Watch Out For

Once your credit score is on the right track and all of your accounts are paid off and closed, that doesn’t necessarily mean it’s all done and over with. Like any other good habit in life, it takes work to maintain.

Here is what you want to watch out for when you’ve gotten back on track:

  • Pay your bills on time.
  • Get current with past dues that you may have and stay that way.
  • Seek a legitimate credit counselor.
  • Keep in mind that even if an account is paid off, it isn’t removed off of your credit report until after 7 years.
  • Keep credit card balances low.
  • Pay off debts; don’t transfer them to other credit cards.
  • Avoid closing unused credit cards for temporary boosts in your FICO score.
  • Don’t open new credit card lines to increase your available credit.
  • Don’t open too many accounts too quickly, especially if you are new to managing credit.
  • Check for any discrepancies or errors on your credit report. Call your credit bureau and the company with the discrepancy. Let them know about the mistake, state why you dispute it and request that it be deleted or fixed.
  • Remind yourself that it is okay to request and check your own credit report!

Once you’ve implemented these easy to follow habits, turning a bad credit score into a great will become like second nature.

Do You Have A Bad Credit Score? Don’t Let That Affect Your Ability To Purchase Land Through Santa Cruz Properties!

At Santa Cruz Properties, we understand that life can get challenging when bills begin to pile up on the kitchen counter. The good news is that at Santa Cruz Properties, we’ve been selling lots for over 20 years which means we have the experience to help you purchase land – even if you have bad credit or no credit.

For more information about our owner-financed lots in Edinburg or Starr County, contact us at (956) 383-0868 today.[:es]Esta entrada está disponible sólo en Inglés.
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