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Improve Your Credit Score with O1ne Mortgage

Improving your credit score is a journey that requires time and effort. At O1ne Mortgage, we understand the importance of a good credit score and are here to help you every step of the way. Call us at 213-732-3074 for any mortgage service needs.

Understand What Factors Affect Your Credit Score

Your FICO® Score, used by 90% of top lenders, is influenced by five key factors:

• Payment History (35%): Timely payments are crucial. Missing a payment can significantly lower your score.
• Amounts Owed (30%): This focuses on your credit utilization rate. Lower utilization is better.
• Length of Credit History (15%): The longer your credit history, the better. Avoid opening multiple accounts in a short period.
• Credit Mix (10%): A diverse mix of credit types can be beneficial.
• New Credit (10%): Applying for new credit can temporarily lower your score.

Pay Off Credit Card Debt

Reducing your credit card balances can significantly improve your credit score. If you can pay down large balances quickly, your score will reflect these changes as soon as your lenders report the lower balances.

Become an Authorized User

If you have a family member with a good credit history, ask them to add you as an authorized user on their credit card. This can help improve your credit score as the account’s history will be added to your credit report.

Get Credit for On-Time Bill Payments

With Experian Boost®, you can add utility, phone, rent, insurance, and even streaming service payments to your Experian credit file. This can help boost your FICO® Score by including positive payment history.

Dispute Credit Report Inaccuracies

Regularly check your credit report for inaccuracies. If you find any incorrect information, file a dispute with the credit bureaus. They will investigate and, if your claim is valid, correct the information, which can improve your credit score.

Frequently Asked Questions

How Often Is My Credit Score Updated?

Your credit score is typically updated every 30 days as lenders report your account information to the credit bureaus.

What Is a Good Credit Score?

A good credit score generally ranges from 670 to 739. Higher scores can help you qualify for better loan terms and interest rates.

Why Are My Credit Scores Different?

Credit scores can vary because not all lenders report to all three major credit bureaus, and each bureau may have different information.

Is There a Quick Fix to Repairing Credit?

While some actions can improve your credit score quickly, it’s important to focus on long-term strategies for maintaining excellent credit.

The Bottom Line

Improving your credit score is a long-term commitment. At O1ne Mortgage, we are dedicated to helping you achieve and maintain excellent credit. For personalized mortgage services, call us at 213-732-3074 today.

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