Tyler Andrews From Texas Says These Simple Dings Could Hurt Your Credit Report But Can Be Fixed
ROCKWALL, TX, USA, June 2, 2021 /EINPresswire.com/ — Unfortunately, many things can negatively impact your credit report, but Tyler Andrews, a financial advisor from Texas, is going to share vital insights.
If you’re looking to purchase a home or vehicle, your credit report and the corresponding credit score are vital. Unfortunately, a variety of things, including some simple mistakes, can negatively impact your credit score. By improving your credit report, you may be able to lower interest payments and other requirements too. That’s why Tyler Andrews, a financial advisor from Texas, is going to offer advice for improving your credit score.
“The first step is to get a copy of your credit reports,” Tyler Andrews says. “A lot of my clients in Texas and elsewhere don’t realize at first that they can often obtain free copies of their reports.”
Once you have your credit reports in hand, you need to go through them line by line to see if there are any discrepancies or things you can challenge. For example, a scammer may have taken out a credit card in your name. Or you may have paid off some debt but it’s still showing as unpaid on your report.
“Finding things you can dispute on your credit report takes a bit of work, but if you uncover problems and can successfully challenge them, it can really improve your credit score,” Tyler Andrews, Texas resident says. “I’ve worked with a lot of clients in Texas and Arkansas and have found countless things to challenge.”
Tyler Andrews From Texas Talks About Credit Utilization and Other Factors
Reviewing your credit report will also help you identify problem areas. For example, your credit utilization may be too high. Credit utilization refers to how much of your available credit you’re using. For example, if you have $10,000 in credit lines on various credit cards, and you’re using $5,000, your credit utilization will be 50 percent.
Generally speaking, you want to have a credit utilization rate of below 30 percent. Besides reducing any balances on your credit lines, increasing your total available amount of credit can also reduce your utilization rates.
“A lot of clients are surprised to learn that they can often improve their credit score by taking out more credit cards,” Tyler Andrews Texas says. “By taking out more credit lines, you can reduce your credit utilization rate.”
You have to balance things, however. When you apply for a credit card or other loan, you often get a hard check on your credit report. Too many hard checks can lower your score.
“Building your credit takes some work,” Tyler Andrews notes. “In the United States, including Texas, credit scores are very complex and are impacted by a variety of factors. You should do a lot of research on your own, or consult with a financial expert.”