How to Boost Credit Score

You want to get the best mortgage rate when you’re shopping around for your new home, and there are a bunch of different factors at play here. One of the biggest, no matter who you are or what the details of your situation may be? Credit score.

At City Creek Mortgage, our mortgage loan programs are available for people all over the credit score spectrum. Your options grow exponentially the higher your score is, though, and people with very low scores may be extremely limited in the loans they can be approved for. With that in mind, here are a few tips to help you keep that credit score up and your options open.

The 20-10 Rule

Many people ruin their credit score through a basic mishandling of daily spending, and the 20-10 rule is perfect if you’re among this group. It’s a simple goal: Never let your credit debt get higher than 20 percent of your yearly post-tax income, and never siphon more than 10 percent of your monthly income to pay credit debts. If you can’t stick within these themes, there’s a good chance you need to re-evaluate your overall finances. If you can, try to be even more strict – the better you do, the higher your score might be.

Easy Debt

Credit score is raised most easily by successfully paying down some active debt, so a great way to get it a quick boost, if you have the funds, is to take on a small bit of “easy” debt which you know you can repay in short order. This could be for a single moderate purchase, or even for things like groceries over a span of a few weeks or months. As long as you’re 100 percent sure you can make payments on time, or even ahead of schedule, this is a low-risk way of raising your score.

Emergency Backup

Always keep funds in reserve for emergencies. It’s not desirable whatsoever to get stuck in a situation where you’re using credit for a big chunk payment you weren’t expecting, and this can torpedo your credit rating. Try to keep at least 15 percent of your available credit open, if not more, and try to keep separate emergency funds on hand.


Most of all, stay organized. Missed payments are one of the quickest ways to put a dent in your score – there are plenty of easy ways to schedule payments in advance to keep this from happening. Also stay aware of your line of credit and your spending limits, as going over these could also really damage your score.

Want to learn more about credit sore, or any of the other vital factors in your mortgage application? Speak to an expert broker at City Creek Mortgage today.

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