We provided the top practices to keep your credit in tip top shape.  However there are a few secrets to managing your credit profile that are very important.Never let your credit card balance go over 30% of the credit limit.  

If you have a $1000 limit for example, always keep the balance below $300. It is especially important to ensure you are at or below the 30% mark 90 days before applying for any new credit. This will maximize your credit score.

One of the most important credit tips.

The credit card balance that is reported to the credit bureaus each month is the balance at the end of the billing cycle (even if you pay it in full each month). So if you have that card with a $1000 limit and you used $800 that month it looks like you used 80% of the available balance, even have already paid it in full.  In order to avoid this pay the bill early so that when the statement comes out your balance is between $0 and $300 on that card with a $1000 limit. Keep an eye on when the closing date is on the bill and pay early to boost your profile!

Credit matters with everything we do from renting apartments, to obtaining car insurance to getting a good cell phone deal, it can even impact our employment opportunities. Today maintaining a strong credit profile will make all of your economic choices less expensive. It is never too late to start to build or improve your credit profile.

Call us today to learn how we can support you in navigating the maze of credit reporting.

Amy Tierce of Newton is regional vice president for Wintrust Mortgage, a mortgage company with branches in MetroWest. She can be reached by phone: 617-308-4870, by email: atierce@wintrustmortgage.com, and online: www.amyrates.com – NMLS #15695.