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Anastasia makes a good salary but wants to be sure she has good credit so she can buy a condominium when she has saved enough money for a down payment on a mortgage. What is the best thing she can do to improve her creditworthiness?
She should take out more debt to improve her credit score.
She should pay down her student loan and credit card debt.
She should apply for more credit cards to improve her credit history.
She should get a second job to make more money.
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She should pay down her student loan and credit card debt.
Why: lowering outstanding balances reduces your credit utilization and debt-to-income ratio and, combined with on-time payments, improves your credit score and makes you look more creditworthy to mortgage lenders. Avoid taking on new debt or opening many new accounts (they can hurt your score), and keep making all payments on time.
Why: lowering outstanding balances reduces your credit utilization and debt-to-income ratio and, combined with on-time payments, improves your credit score and makes you look more creditworthy to mortgage lenders. Avoid taking on new debt or opening many new accounts (they can hurt your score), and keep making all payments on time.
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