5 Simple Ways to Boost Your Credit Score

boost-credit-for-va-loanAlthough VA loans offer HUGE benefits to active and non-active service members, you still need a 620 credit score.

While we can point you in the right direction for credit restoration services if you’re in really bad shape, we also thought we’d give you a few simple ways to boost your credit score on your own.

It might be easier than you think.

Tips for Boosting your Credit

You don’t have to work in finance to improve your credit score. Here are a few simple tips:

1. Don’t Close Unused Accounts Right Away

You might think that since you don’t use a credit card often, it’s time to close out the account. But – that’s not the case. Any credit account that you’ve had a long time – used or unused – is worth keeping open. It positively impacts your credit score.

2. Fix the Mistakes on your Credit Report

When you apply to pre-qualify for a VA loan we will pull your credit. You’ll be mailed a copy of your credit report. Review the report for any errors or inaccuracies. Sometimes you can have errors removed and your credit score will go up.

3. Find a Solution with your Creditor

If you owe a large balance on a credit card, contact the credit company and ask if they will work on a resolution. Some might offer flexibility when it comes to rates, due dates and payments. It might help you make payments on time (which boosts your credit) and prevent them from having to turn you over to a debt collector.

4. Watch How Much you Charge

Liz Weston from MSN Money writes,

“You often can increase your scores by limiting your charges to 30% or less of a card’s limit; 10% is even better.”

She encourages borrowers to open a credit account or two and use the cards lightly. Having a lot of credit at your disposal but not using even 10% of it will improve your credit score.

5. Pay Down your Balances

Piggy-backing off of #4, limiting charges also means not carrying large balances – even if you pay your card balance in full every month. So, if you charge a $4,000 item one month, consider making a few small payments before the due date to reduce the outstanding balance within the billing cycle.

These are just a handful of small ways to boost your credit if you’re about to apply for financing with your VA loan benefits. If our team at Midwest VA Loans can be of service to you, please let us know!

For More Information:

10 Ways to Improve Your Credit Score

9 Fast Fixes for your Credit Score

7 Simple Ways to Improve Your Credit Score


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