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 The One Thing you Can do to Increase your Credit Score Immediately.

Since I opened this business two and a half years ago, I have had the opportunity to meet with many potential first time home buyers.  The one question that I consistently get asked is: How do I increase my credit score?  I'm not a credit repair expert, but after looking at hundreds of credit reports over the last couple of years here it is...

Open a credit card!  If you don't have an open credit card it severely hinders your FICO scores and your ability to obtain a VA or FHA mortgage to purchase your first home.  People in this situation typically see 10-30 point improvements once the new account reports to the three credit burueas.

-  What if I already have a credit card or more than one?  Make sure that you keep the balance as low as possible without going to 0 on them.  This method produces the highest possible credit rating for you that can come from these accounts.  

-  What if my credit is so bad I am not able to open a new credit card account?  Open a "secured" credit card.  Secured cards require that you send the issuer money in advance before they issue the card.  These cards appear EXACTLY the same on your credit report as a normal unsecured card does.  In other words, when I look at your credit report I won't be able to tell the difference!  It's better than paying rent for the rest of your life right?  Here in Clarksville, TN its typically cheaper to own a home than rent one on a monthly basis. 

-  What should I be looking for when opening a new card?  If you are strictly looking to improve your credit rating, the primary thing you should be asking potential issuers is "Do you report to all three credit burueas"

If you follow this advice, not only will you see an immediate impact on your credit score, but over the long term your scores will go higher than they would have as well.  When you are on the upper tier of credit scoring, a lot of times the difference between a 720 score and an 800 score is the revolving credit profile (credit cards)  The difference between those two scores could be significant in calculating your interest rate on a new home purchase.

Thanks for reading!  If you have more questions please feel free to contact me at 931-896-2903 or


Anthony Quail
Eagle Home Loans LLC              
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