There are plenty of borrowing options for people with a 759 credit score. If you are in the market for a new home, a car, or a personal loan, you will be happy to know that your score will put you at a favorable advantage. However, getting approved can be a bit of a challenge. While there are companies out there willing to lend you a hand, it’s important to consider your needs before choosing a loan provider.
For example, you might be better off putting down a larger deposit on a secured credit card, versus a high interest rate payday loan. And while a payday loan may seem like an easy way to get out of a financial jam, it can have a negative impact on your credit score. To keep your score in the green, be sure to make your monthly payments on time, and take on only one or two loans at a time.
You can also improve your score by reducing your credit utilization. This is best done by keeping your balance under 30% of your available credit limit. A credit utilization rate of 100% is the equivalent of maxing out your credit cards. On the other hand, a utilization rate of 30 percent will be much more manageable and will boost your score in the long run.
Lastly, you might want to look into a credit repair service. These experts can help you improve your score by removing errant items from your report. They can also tell you exactly what steps to take to increase your score. As with any credit repair process, the best strategy is to keep a close eye on your credit history. By monitoring your score on a regular basis, you can be alerted when something isn’t quite right. The credit repair process might be complicated, but the reward for the effort is a stronger, higher-quality credit score.
One last tip is to shop around for the best interest rate. It’s not uncommon to find a lender that will prequalify you online, making it possible to compare offers and find the best deal. Just be careful to read the fine print!
Overall, a 759 credit score is more than enough to qualify you for most of the big name credit cards, personal loans, and mortgages. Remember, your credit score is a function of your debt to income ratio, and if you have a healthy mix of debts, you should be able to qualify for most loan types. Keep these tips in mind and you’ll have no trouble finding the perfect finance option.
In short, there’s no such thing as a foolproof way to raise your credit score, so be prepared to put in some work. With a little dedication and forethought, you’ll be in good stead in no time. But before you go on the prowl, be sure to remember that it’s always smart to be prepared for unexpected expenses. Getting a loan may be necessary to pay for a big ticket item, such as a home or car, but if you have the financial wherewithal, you should be able to make your payments on time.
