How to Manage Your Credit Score
By Jason Witzell
I've had many coaching students raise concerns about their credit score taking a hit when they go through the pre-approval process for an income property.
While it's true that financing your properties is like a chess game, where you should always be planning several moves ahead, which in this case means structuring your financing so you will be able to buy the next property and the one after that.
You should not be afraid of the way applying for pre-approval will affect your credit, as I explain in this video:
Optimize Your Credit
Here are my five most important things to consider when optimizing your credit for qualification (and managing debt):
Check Your Score
If something is amiss or incorrect, contact the credit report agencies to address any concerns or correct the information.
Make Payments on Time
Its simple, don’t miss payments and don’t pay late. Consider automating payments.
Credit Utilization
Carrying a high balance can adversely affect your score. Keep your balance below 50% and ideally 30% or lower.
Types of Credit
Varying your credit is viewed positively by credit bureaus. Credit cards, installment loans, lines of credit and mortgages are examples of varied credit.
Consolidate Debt
If you have a high interest, high balance card, consider transferring the balance to a lower interest card.
Your Credit-Score Breakdown:
Credit Reporting Agencies
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About the Author
Jason Witzell
Keyspire Success Coach, Jason Witzell, has been a real estate investor for over 20 years and is a Licensed Realtor in the Kitchener—Waterloo Region. His real estate investing portfolio has included student rentals, condos, multi-units, vacation properties, and private lending.
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