What is a Good Credit Score and How to Rebuild It

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Los Angeles Investment Club, Real Estate Blog

Posted by Daniel Nase, MBA   May 27, 2014 6:22:00 PM

What is a good credit score? Your good credit score resonates all through your financial life. Good credit history affects your ability to finance a car, get a mortgage, and whether you will pay double for having bad credit. Are you striving to make your credit score better? Are you looking for a guideline to give it a boost?

Here’re some proven ways for raising credit score across the board:

  • Keep your credit card balance low – less than 19% of your total credit line

The ‘FICO’ scores are the highly popular credit scoring technique employed by the lenders. It weighs thirty percent of overall credit score on current amounts due on your credit accounts. Ten percent utilization of credit is considered ideal while improving credit scores. Simply having a credit card in good standing can add as much as 50 points to your score. Don’t have any credit and you’re a college student? Wells Fargo offers student credit cards.

Running up your credit card balance will make your credit card company happy, but the high balance will lower your credit score significantly. Therefore, to guarantee a decent credit score, don’t ever go over 19% of your credit limits. Try to keep your balance as low as possible and pay off your card early and frequently.

  • Don’t be an impulsive shopper.

Raising your credit score means not using your credit. All you need to make them report your activity is to auto pay one bill like Hulu or Internet and setup an automatic payment with your bank to pay it off before the due date.

It not wise to solicit retail credit cards from those who promise a concession on buying. Don’t go wild – having numerous cards might portray you like a person who is dependent just on the borrowed money for getting by, and that is the reason your credit score gets lower consequently. The obvious impact is that having more than 4 inquiries in a 24 month period will drop your score about 10 points.

  • Correct errors on your credit report

With potential creditors, employers, landlords, or other lenders examining your credit to determine your worthiness, it’s your responsibility to spot errors (if any) on your yearly credit statement. Being proactive will save you a lot of money and the embarassment of being turned down.

If there’s any discrepancy, don’t hesitate to inform the credit reporting companies about this issue as early as possible. As stated by the ‘Federal Trade Commission’, the credit companies normally must investigate your request within thirty days of receiving a dispute. You will need to go online and get a credit report from Experian, Trans Union and Equifax. Once you have your confirmation numbers you can dispute all of the negative items online.

  • Make your payments on time, every time

If you’re in the habit of manually making payments, it could seriously damage your credit score for seven years if you miss something or put it off. Your credit payment record determines thirty-five percent of your ‘FICO’ score. Missing or late payments will definitely cause your credit score to drop 25 – 125 points.

Be watchful of due payment dates. Make certain to arrange your payments before the deadline specified by your creditors.

  • Learn all about your credit score and what’s effecting it.

The ‘FICO’ score is not the sole factor on which credit score is based; as a matter of fact, the 3 main credit reporting bureaus: Equifax, Experian and TransUnion teamed up to form their specific model for credit scoring, named the ‘VantageScore’. There are a lot of great tools that will show you what you need to do to improve your credit. My personal favorite is Identity Guard. Most of the creditors use FICO as a basis for determining your credit score.

  • Don’t overdo applying for credit

Having no inquiries is great. Your score drops at one inquiry and four inquiries. Inquiries disappear after 24 months. Plus don’t believe all of the stuff about soft inquiries. Most of the time cell phones and utility companies do hard inquiries on your report. New credit applications have a 10 percent bearing on your ‘FICO’ score, that’s all you need to boost your score up to one step.

  • Increasing credit scores with higher limits and a longer average age of your accounts.

If you’ve a bad credit history and want to rebuild it, applying for a secured credit card is a safe way to improve your score. Secured credit cards are lines of credit that are secured with a deposit made by the card holder. Usually, the deposit is a low amount and also acts as the limit on the secured card. Use it responsibly and repay on time, and just in a few months you’ll notice your score rising. Starting with $3,000 will save you a lot of time, because banks don’t like increasing your credit limits very fast. It may take you five years to go from a $500 credit line to a $3,000 credit line even if you make a lot of money.

  • Go for diverse types of credit

Your credit installment profiles, for example a home loan, mortgage or student loan add to your score, however, in a good score, there’s a blend of revolving and installment credits – revolving credits refer to home equities, and credit card etc. such credit  balance makes up ten percent of FICO score that is vital enough to be considered. More than two loans aka installment accounts will also damage your score. Mortgages are excluded from the maximum of two loans and can actually add 10 points to your score just for having a home loan.

  • Get professional help

There’re various professionals that do credit repair who can help you do the work of disputing your negative items and getting them deleted from your report. Most things disappear after 7 years. Bankrupctys can take up to 10 years to be removed from your credit report. Just to answer your question. A good credit score is 720 or higher. Some banks have tighter underwriting and require a 740 credit score to get the best interest rates. Home loans typically use your midscore, which is the one in the middle. With two borrower they will usually use the midscore of the borrower with the lower score.



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I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years.  I am also a commercial land specialist in Phoenix and a Landspecialist in Arizona. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial /  Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us. 

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