8 Tips to Boost Their Credit Scoreadmin
How high can their score go?
What’s their credit score? It’s an important number for your clients to know because it measures their financial health. Lenders use this number to determine whether or not to extend credit to someone. Credit scores range from 300 to 850. A score of 670 or above is considered good. The higher the score means they’ll usually get better terms and lower interest rates on loans and credit cards—which could save thousands of dollars. Here are eight tips you can share with your clients to help them raise their credit score:
1. Review your credit reports—get a free credit report yearly at annualcreditreport.com to know your credit score before applying for a loan. Also, verify that your report is accurate. If there are errors, dispute them with the credit bureau.
2. Pay down high balances—chipping away at bills may positively affect your credit score.
3. Keep track of your revolving account balances.
4. Pay your loans on time.
5. Keep balances low and try not to get near your credit limit.
6. Apply for credit only if you need it.
7. Keep old accounts open.
8. Request negative entries that have been paid off be removed from your credit report.