As you all already know, February is “Get Your Credit in Check Month”, so to continue in that spirit, we are breaking down the credit score pie again. This time however, the breakdown will give you all the tips and tricks you need to improve your credit score.
Let’s Begin!

Payment History:
Unless you can get a blemish on your credit history removed from the report altogether, do not worry about paying it off now. As I like to put it, let sleeping dogs lie.

Credit Utilization:
How well do you manage your money?
What percentage are you using of your total credit limit?
30% or less of your credit utilization is what you should aim for. If you cannot get to 30% or lower, then you want to operate in increments of 10. If you have to, work in small doses to get your usage to a lower percentage.

Try this trick – Give them a call and simply ask them if they can increase your credit limit. If you are maxed out but have been in good standing for years, they will likely comply. This will help your usage percentage become less of the total credit limit.

Length of Credit History:
I have said it before, and I will say it again, do not close old credit cards! You do not want to lose that credit history.

Try this trick – Credit authorization. Put a quality person, who pays their bills and has good credit, on your line of credit as an authorized user. In this case, you will benefit from their great credit history. This will help you to gain a more beneficial credit history.

New Credit:
Be very careful. Do not go out and open new credit if you can help it. Also be mindful that a credit inquiry stays on your credit for 2 years.

Types of Credit:
Having a healthy mix of credit such as revolving and installment credit, can help your credit score. Staying on top of your payments regardless of credit type can help show lenders that you can responsibly handle various types of credit.

Do not go out and open new types of credit simply because of this tip.

If you need more tips, we are here at Mortgage Gumbo to help. You can always contact me, Dwayne Stein at 504-207-7600 or at