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    How to Improve Your Credit Score

    Our credit scores determine a lot of things in life, including how much new credit you're allowed, what kind of car the...

    • Eric Marcus
    • January 29th, 2019
    • 3 min read
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    Our credit scores determine a lot of things in life, including how much new credit you're allowed, what kind of car the banks think you can afford, and whether or not you become a homeowner. In this day and age (and economy), having a high credit score is more important than ever. But what if your credit rating is down in the dumps? Here are a few simple ways you can quickly improve your credit score.

    Remember that your credit score is always fluctuating to some degree, but implementing these habits on a regular basis will make it more steady so you have a clear idea of where you stand.

    • Pay your bills on time every single month. This can cause your credit score to drop substantially because this makes up a whopping 1/3 of the credit score. This is why it's crucial to pay your bills every on time every month and keep this consistent throughout the year. If there's one action you can take regularly to improve your credit score, make it this practice.
    • Use only a small percentage of your credit. Yes, your credit is there for when you need it, but that doesn't mean wracking up a huge debt amount even if you are paying it off each month. Whenever the available credit to debt ration shifts to a higher debt percentage, your credit rating sinks a little. This is why it makes a difference whether you pay cash or credit, even if you intend on paying the credit off each month.
    • Dispute inaccurate information on your credit score. It's reported that at least 80% of credit reports have errors. Don't fall victim to these errors simply because you don't want to take the time to call the credit bureau and make the correction. A few points can make a difference in whether or not you're approved for that new car or a home. It's worth the effort to remove things that are inaccurate.
    • Don't apply for several cards at one time. Every time you apply for a new credit card, whether you're approved or not, you deduct anywhere from 3-5 points from your credit score. This is an easy way to lose points, which is why it's best if you stick to a select couple of cards for the long haul.
    • Don't close cards that you no longer use. Maybe you're trying to get away from the credit card grind altogether. That's fantastic, but don't run around closing every one of your cards. Having that available credit actually improves your score because it improves the credit to debt ration we discussed earlier..
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    About the author

    Eric Marcus

    773-732-9898
    I was born in South Bend, Indiana where my family owned and operated a small business for over 50 years. Every member of my family has been licensed to practice real estate, and my dad owns a real estate company in Indiana. After graduating with honors from Indiana University in 1991, I earned my CPA and worked for a big six accounting firm in Chicago. Combining my experience and entrepreneurial spirit, I started my own successful accounting business that I ran for 3 years. Next, I embarked on a career as a soybean trader at the Chicago Board of Trade, followed by a successful run as a stock options market maker at the Chicago Board of Options Exchange. I began my real estate career in 2003 as broker/owner of ESM Realty. My team has helped more than 600 clients buy and sell condominiums, townhouses, single family homes, multi-unit residential, and commercial properties. For 14 straight years, we were recognized by Chicago Association of Realtors as Top Producers. Our extensive marketing program includes premium placement on hundreds of websites, morechicagohomes.com and state of the art Facebook advertising. My team works tirelessly to make each client feel like they are our only client! We strive for the highest level of performance every day so that we exceed your highest expectations. Our business is 75%+ referral-based and we want you to not only be our client but our biggest raving fan. In December 2020, I brought my team to Keller Williams ONEChicago with branches in Lincoln Park, Lakeview and O'Hare. To set up a consultation or if you have any questions, please contact me at 773-732-9898.

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    1525 W. Belmont Avenue, Chicago, IL 60657

    773-732-9898
    [email protected]

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