A good credit score can be the key to the funding that makes your real estate investment profits possible.  What are some quick steps you can take now to bring your credit score up?

• The three credit reporting agencies, Experian, Equifax and Transunion, are required to send you a free credit report once a year at your request.  Contact creditors to clear up any errors you find on the report.   You should dispute old negatives with creditors and reporting agencies, particularly small balances, as sometimes these will be removed without investigation.

• Pay  monthly bills, from utilities to credit cards, on time every single month.

• If you can pay down credit card balances this will go a long way toward improving your overall score.  Cut down on spending extras to allow you to put your funds toward the balances.

• Never max your credit cards; hold down the balance to less than 30% of the credit limit on each one.  It is better if you have more than one card with balances below 30% of the limit, than it is to consistently max out only one.

• Use an installment loan, paid on time every month, to help build your score.

• Don’t close accounts on your unused cards.  You need to keep that long and favorable history in your credit score, even if you aren’t using the card.

• If you need to start establishing a credit score but can’t get a credit card, apply for a secured credit card such as the Public Savings Bank Visa.  It may require a deposit up front as collateral.  But it can be well worth it to you, as even 6 months of on-time payments can bring greater credit privileges with the company that issued it.

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