It’s hard to look at one missed credit card payment and think it will affect your credit that badly, but studies show that missed payments are the single biggest factor that harms your credit score. If you are looking at buying an investment property and wanting to use Iron Eagle as your property management company, keep reading to see how simple it is to increase your credit score!
Step 1: Finding a Financial Advisor
Hiring a financial advisor may be one of the most important decisions to make when needing credit score help. They will not only go over your credit report with you, but they will also help create a budget plan which will assist you in making payments in a timely manner. Staying on top of your financial planning will help you raise your credit score and make you a better candidate for tenant and property management services with Iron Eagle!
Step 2: Micropayments
While waiting until the last possible day to pay off your credit card may seem ideal for those who are on a tight budget, it is actually more beneficial for your credit score to pay it off each purchase at a time. Making these quick payments affects your credit utilization, which is basically the score of your outstanding credit for the month. Getting your utilization back to 0% as quickly as possible moves your credit needle much more efficiently than waiting for your outstanding balance to reach 90% or more.
Step 3: Monitor Your Credit
Even though it may seem unlikely, the United States is #1 in credit card fraud, which is the biggest and fastest form of identity theft. Checking for inaccuracies in your credit reports is vital to helping you out in the long run. When looking to purchase a property, you want to make sure that you have full transparency between your credit score and property managers. The more trust there is, the easier it will be to begin a long-term partnership!
Step 4: Increase Your Credit Limit
As talked about before, it is crucial to keep your credit utilization low. If this is a challenge for you though, consider asking the creditor for a higher budget. If you don’t have any outstanding balances or frequent missed payments, most banks would be happy to lend out more money. Especially during these tough times, banks understand the challenges and are willing to work with you to get you back on your feet.
Increasing your credit score isn’t a walk in the park, but these 4 steps are critical in obtaining that goal. Here at Iron Eagle, we would be more than happy to work with you to find the perfect fit for your unique needs. We are excited to hear from you, so give us a call today for more information!