Higher credit score = lower mortgage rate. How do you improve your credit score?
Pay credit card balances strategically based on CREDIT UTILIZATION.
The portion of your credit limits you're using at any given time is called your credit utilization.
If you have several credit cards, pay down the ones with the highest credit utilization FIRST.
Use less than 30% of your limit on any card, but lower is better.
1️⃣ Impact: High. Your credit utilization is the second-biggest factor in your credit score; the biggest factor is paying on time.
2️⃣ How fast it could work: Fast. As soon as your credit card reports a lower balance to the credit bureaus, that lower utilization will be used in calculating your score.
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