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LEGACY MORTGAGE
Home
Our Team
  • LOAN OFFICERS
Apply Now
MORE
  • Mortgage Calculator
  • Do's and Don'ts
  • Loan Types
  • Credit Scores
  • Contact Us
More
  • Home
  • Our Team
    • LOAN OFFICERS
  • Apply Now
  • MORE
    • Mortgage Calculator
    • Do's and Don'ts
    • Loan Types
    • Credit Scores
    • Contact Us
  • Home
  • Our Team
    • LOAN OFFICERS
  • Apply Now
  • MORE
    • Mortgage Calculator
    • Do's and Don'ts
    • Loan Types
    • Credit Scores
    • Contact Us

How do I improve my credit?

Review your Credit Report

To improve your credit, it helps to know what's working in your favor or against you. A credit report will point you in the right direction.

Get a Handle on Bills

Credit score are typically calculated by 5 Distinct Factors

  • Payment History (35%)
  • Credit Usage (30%)
  • Age of Credit Accounts (15%)
  • Credit Mix (10%)
  • New Credit Inquires (10%)

Credit Utilization

Keep your credit utilization under 30% of your total available credit. Credit repair is best at 10% or less, so if applicable keep paying off outstanding debt. 


Don't open new lines of credit but instead ask your credit agency to increase your limit. This can help push your debt to income ratio down, getting you under the 30% or 10% thresholds. 

Limit your Requests for New Credit

There are two types of inquires on your credit history, often referred to as "soft" or "hard" inquiries. Soft inquiries do NOT affect your credit score. Hard inquiries however can affect your credit score. Hard inquiries typically happen with applications for new credit cards, a mortgage, an auto loan, or other types of new credit.

Questions?

Drop us a line!

Legacy Mortgage is an Equal Housing Lender  

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