Housing inventory continues to grow with 35% more listings on the market than a year ago
As the U.S. reaches its peak homebuying season, mortgage rates continue to ease week over week.
HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.45% on Tuesday, below the rate of 7.51% one week ago. At the same time one year ago, the average rate was 6.54%. The 15-year conforming fixed rate averaged 6.75% on Tuesday, down from 6.77% one week earlier.
“Bond yield keeps heading lower and mortgage spreads are getting better,” HousingWire lead analyst Logan Mohtashami said. “Since the softer labor reports happened, mortgage pricing has improved. Despite today’s hotter Producer Price Index (PPI) inflation print, yields fell again after traders digested the reports.”
The release of the Consumer Price Index (CPI) on Wednesday will allow experts to determine whether or not this trend continues, Mohtashami said.
As of May 10, there were 568,000 unsold single-family homes on the market, up 1.5% compared to the week prior.
“It’s not a massive gain, but inventory is growing and will continue to grow over the next few months,” Mike Simonsen, founder and president of Altos Research, wrote on Monday.
Compared to a year ago, there are 35% more homes on the market, a gap that continues to expand. Simonsen expects there to be 700,000 unsold homes on the market by the end of September.
During the week ending May 10, 89,000 new listings hit the market, according to Altos Research, which was 3% less than the week prior.
“There is still a sense of optimism that more sellers will help this market grow,” Simonsen said. “Ideally, the combined number of new listings should be above 100,000 each week, so it’s a bit disappointing to see only 89,000 today.”
Who wants to be stuck indoors once warm weather arrives? (Not us!) If your home’s exterior and lawn feel a little more “stay away” than “relax all day,” you might find yourself indoors more than you’d like. Of course, the obvious solution is to take on a wheelbarrow full of landscaping projects to make your yard or patio feel more welcoming — but who wants to spend all weekend on yard work? (Again, not us!) Fortunately, there are several ways you can add some pizzazz to your home’s exterior with minimal effort.
All featured products and deals are selected independently and objectively by the author. Better Report may receive a share of sales via affiliate links in content.
Power washing videos are popular on YouTube for a reason: The simple sense of satisfaction that comes with seeing years of dirt and grime removed in seconds. Experts recommend power washing your driveway and walkways once per year to get that sparkling clean look. Hire this role or buy your own powerwasher and add this to your annual clean.
Adding solar lights to your walkways and outdoor steps will create a soft, welcoming vibe — and (bonus!) help prevent stumbles and falls in the dark. DarkSky International, a nonprofit that works to minimize light pollution, recommends using warm-colored bulbs angled downward for the best effect.
Plant Perennials
Not every homeowner has a green thumb, but with this gardening trick, you’ll never have to admit to being a plant killer. When shopping for outdoor plants, buy perennials. These plants return on their own each spring and grow larger yearly, filling larger garden spaces with less work from you.
Don’t forget to read that handy plant info tag to see if your garden store selections are native species. These plants are already adapted to your region, meaning they can survive with less care, and some even thrive with neglect. Native plants require less water, fertilizer, and pesticides, knocking a long list of garden tasks off your checklist.
A fresh layer of mulch in garden beds and around shrubs and trees adds a crisp landscaping look and helps keep weeds at bay. How you lay the mulch around trees is important: Most arborists recommend spreading mulch in a doughnut shape about 2 to 4 inches deep at the tree’s base instead of a mounded volcano look, which can cause root rot and allow bugs to move in.
While mailboxes can last up to 20 years, the average letter receptacle starts failing around the 10-year mark. Upgrading from a rusty, leaky box to a new model can improve your home’s curb appeal and your letter carrier’s mood (there’s a reason the USPS holds a weeklong “mailbox improvement week” each May).
Out with those old, illegible house numbers. Upgrading to a new set of numerals can give your home a more current look. And while you’re at it, give the numbers painted on the curb a touch-up. Your pizza delivery driver will thank you.
Birdwatching from your front porch or window isn’t just a hobby — studies find it’s a known stress reliever. Adding birdhouses can attract natural beauty to your yard and create entertainment. Plus, common birds such as cardinals, house sparrows, and barn swallows eat mosquitoes, making your patio more comfortable all summer.
A pop of color at your home’s entry can give it an entirely different look. Achieve the look by selecting a bold doormat, brightly colored furniture, or painting your front door. Unsure about a long-term commitment? Even a planter of flowers situated near your entryway can have the same effect.
We’re not saying you should add a flock of plastic pink flamingos to your front yard (but we won’t judge if you do) or adopt the classic Midwestern porch goose (though it can be decorated for every holiday). But adding an enjoyable visual element like a sculpture, water feature, or arbor can give your yard an attractive focal point that reflects your interests and personal style… even if it’s a decorative waterfowl.
There’s plenty you can do yourself in your house: painting, laying tile, and even replacing flooring are easy tasks for most people with minimal technical skills, and there’s immense satisfaction in making a home repair on your own. But even the most savvy DIYers know when to ask for help. When it comes to property repair work that could endanger your life, the lives of others, or your house itself, rely on licensed professionals to see you through. Here are six times when you need to put down the toolbox and call the experts.
Roof Repairs
If you don’t have experience walking on a roof, now is not the time to start trying. A roof sits anywhere from 10 to 20 feet off the ground and slopes at an extreme angle, making it an extremely dangerous fall. Call a professional who’s used to navigating heights and pitches of different types of roofs and keep your feet squarely on the ground.
Fixing a running toilet or leaky faucet is easy enough, but don’t try to DIY plumbing problems beyond that. Water can do serious damage that’s often invisible — until a ceiling or floor gives way, of course. For problems like slow or blocked drains or sudden low water pressure, find a licensed plumber right away.
Simple electrical repairs like replacing an outlet or light fixture can be manageable with the power turned off at the circuit box. But when it comes to replacing a water heater, running wire through walls to install a new plug, or replacing a circuit box, it’s time to bring in a professional. Certain localities have electrical codes to promote safe living spaces that are best decoded by electricians, not the average homeowner. Attempting to DIY electrical repairs can also pose significant harm to yourself and your property.
More than one-third of U.S. residences still use natural gas-powered heat and appliances. Natural gas is versatile and often highly flammable, so if your home has sizeable natural gas appliances — water heater, stove, fireplace insert, HVAC system — install carbon monoxide and natural gas detectors and set up a service schedule for regular maintenance and checks.
A house without structural integrity is in danger of collapsing. While it might be possible to remove a wall or two to give an older home a modern open floor plan, those decisions have to be made by licensed engineers or architects. Additionally, local codes often require permits and inspections when a homeowner moves a wall, adds a room, or moves a doorway. Professionals will know how to protect the structure from top to bottom during this process.
If you can safely reach a hanging tree branch to pull or saw it down, go ahead. However, if the limb is dead, still attached to the trunk, or you need the whole tree down, call a tree company. These professionals will come with harnesses, spotters, and serious equipment. They also know how to place cuts so that when wood falls, it won’t hurt humans or nearby structures.
We take our dryers for granted. The wet clothes go in, you select the proper setting, hit start, and 45 minutes later, your clothes are fresh and dry. (If only our dryers could also fold our clothes.) Because drying our clothes is a routine, everyday task, it’s easy to forget that dryers need regular maintenance like many other appliances. Dryers that aren’t maintained are less efficient and, in worst-case scenarios, may cause a fire. Here are five simple things you can do to ensure that your dryer is functioning properly.
All featured products and deals are selected independently and objectively by the author. Better Report may receive a share of sales via affiliate links in content.
Trying to cram too much clothing into a single load does more harm than good. Doing this prevents air from adequately circulating, which means your clothing will end up wrinkled and damp. Too much clothing in a single load can also damage the dryer’s drum and bearings, which may cause the appliance to break down over time. Check the owner’s manual to learn more about your dryer’s weight limits so you don’t make this common mistake.
Cleaning the lint trap isn’t just a courtesy for the next person to use your machine — it’s also a safety necessity and should be done after every load. Built-up dust and dirt could cause your dryer to catch fire, a shockingly common scenario.
Lint traps can also develop a sticky residue from excess detergent and fabric softener, so they should be deep-cleaned twice a year. It only takes a few minutes and will make a world of difference.
Remove the lint trap and scrub with a nylon brush dipped in a cleaning solution of equal parts hot water and dish soap
Rinse the trap in hot water and pat dry with a clean towel
Use a vacuum with a narrow crevice attachment to suck up excess lint from the trap opening before returning the lint trap
Keeping the dryer vent clean is as important as keeping the lint trap clean, though it should be cleaned less frequently — once yearly. To clean the vent, hire a professional or follow these simple steps yourself.
Detach the vent from the back of the dryer
Insert an extendable nylon laundry brush deep into the vent and slowly pull the brush toward you to remove the built-up lint
Repeat until you no longer see any lint, then reaffix the vent to the dryer
Using a single dryer sheet with each load won’t cause any problems, but an excessive amount can actually damage the appliance. Too many dryer sheets can cause waxy residue to build up on the drum and the lint tray. This wax may also cover the internal sensor that tells the dryer when it’s time for a cycle to end. If that sensor is covered, the machine will keep running longer than expected, wasting energy and potentially damaging your clothes. You can purchase reusable, environmentally-friendly wool dryer balls instead to eliminate the need for dryer sheets.
Do you have a credit card that you just don’t use anymore? Maybe a hasty in-store sign-up or a too-good-to-be-true introduction offer led you astray? Logically, canceling any unused credit cards makes sense — but pause just a moment. According to financial experts, canceling a card can often do more harm than good. However, there are ways to mitigate any damage, and knowing what steps to take before canceling — and alternatives to canceling — can help keep your finances in check. Read on for tips on what to do before you hit “cancel.”
How to Save Your Credit Score
One of the biggest concerns when canceling a credit card is your credit score — no one wants to take the hit. If you must cancel a credit card, there is a way to do it that won’t negatively impact your score. Reduce the damage by paying downall your credit card balances — not just the one you plan to close. Why do other credit cards matter if you’re only canceling one? It comes down to credit utilization, which measures how much available credit you use based on your credit reports. The more credit available (including combined credit card limits), the more significant the decrease in credit score.
Say you have two credit cards: one is fully paid off with a $1,000 limit (that you plan on canceling), and the other has $1,000 due with a $1,000 limit. Before you cancel your card, your credit utilization is 50% because you have $2,000 in available credit between both cards but owe $1,000 overall. If you cancel the first card before paying off the second, your credit utilization jumps to 100% because now you only have $1,000 in available credit and owe $1,000.
The Surprising Impact on Credit History
The length of your credit history also impacts your credit score. Canceling a credit card can hurt or help your credit history, depending on what happened before you closed the account. FICO, the most popular consumer credit report, uses open and closed accounts in its calculations. Closed credit cards remain on your credit history for up to 10 years. If you made payments on time and paid off the card before you canceled it, this closed account will continue to help your credit score until it falls off your credit history report after the 10-year mark. If you frequently made late payments on the card, it will have a negative impact until it ages out of your credit history.
What to do Instead of Canceling
Before canceling your card, call your credit card company and inquire about a retention offer, explaining that you’re considering closing your card. If your account is in good standing, they might offer you perks for not canceling. This can include bonus points or miles, an extension on a 0% APR, statement credits, or a waiver or reduction on the annual fee. It varies by credit card company and type of card, and while there are no guarantees on an offer, it’s worth a shot.
You might also consider downgrading your card. Often, credit card companies offer different tiers of the same type of card (some with lower fees, better interest rates, etc.), albeit with fewer benefits. Because you are just switching cards and not canceling an account, it will not impact your credit score. Be sure to ask customer service how this will affect the rewards and points you already earned. You might have to use them before you switch your card if they can’t be transferred.
When to Cancel
Many experts advise against canceling credit cards, but occasionally, it’s unavoidable. A significant life change or accumulating too much debt are good reasons to cancel a card. It could also be a good idea to look elsewhere if a high interest rate or annual fee limits your financial freedom. If you’re looking for better benefits, it’s probably worth contacting the credit card company and inquiring about upgrading your card because this doesn’t count as an account cancellation and won’t impact your credit score.
Remember to redeem your unused points and rewards before canceling, or you’ll probably lose them. Some carriers offer a grace period after canceling to use your rewards, so you must read up on their policy before closing your account. There are occasional exceptions to losing points, including a few cards that partner with specific airlines or hotels, because those rewards are posted to accounts outside the credit card company.
Don’t Let a Credit Card Sit Idly Some card users let their account go unused instead of canceling it, which can cause serious problems. Firstly, you’re more susceptible to fraud because you aren’t checking your account frequently or at all. Another consideration is what the credit card company might do: They can cancel your account. As explained earlier, this can be detrimental to your credit utilization and score if you don’t have your other credit cards paid off when the unused one is canceled. Some companies close inactive accounts in as little as six months. Fortunately, as of 2010, the Federal Reserve prohibits credit card companies from charging inactivity fees, but you must still pay any annual fees. For these reasons, it’s better to play it safe — don’t let a credit card go unused for over a month or two before deciding whether to use it or lose it. Featured Image Credit: Kunakorn Rassadornyindee/ iStock
Rachel GreshWriter
Rachel Gresh is a Washington, D.C.-based freelance writer. When she’s not writing, you can find her wandering a museum, exploring an unfamiliar city, or baking something new in the kitchen.
No one enjoys sitting in the dark when the power goes out, though it’s bound to happen occasionally. According to the Energy Information Administration, U.S. power customers averaged 5.5 hours of electricity interruptions in 2022. However, power outages aren’t just an inconvenience — they can cause unfortunate problems inside your home, such as a fridge full of spoiled food or burst pipes requiring cleanup and repair. Here’s how to keep your home — and yourself — safe until the lights return.
All featured products and deals are selected independently and objectively by the author. Better Report may receive a share of sales via affiliate links in content.
Notify Your Service Provider ASAP
First things first: Notify your service provider when the power goes off. While many electric companies can identify power outages for large groups of customers, it’s often difficult for them to discern each home that’s impacted, especially if the interruption is limited to just a few customers. Reporting an outage ensures your home isn’t left in the dark for longer than it needs to be.
Protect Your Home’s Pipes
Storms can knock out power any time of year, though power outages during cooler months can add extra pressure on pipes. You can protect your home’s pipes from freezing during extended outages by opening the under-sink cabinet drawers to help warm air circulate. Turning faucets to a trickle also helps since moving water won’t freeze.
Unplug Electronics to Prevent Damage
When power is restored, the sudden surge of electricity can damage electronics. During a blackout, it’s best to unplug appliances and disconnect other electronics from wall sockets to protect their delicate sensors and components from damage.
Keep Your Refrigerator and Freezer Closed
A typical full-sized refrigerator can keep food cold for about four hours without power, while freezers can hold their chilly temperatures for up to 48 hours. Keeping both units closed locks in cold temperatures for longer. However, you’ll need to take action if your power remains off for more than four hours — that means moving meat, dairy, and other temperature-sensitive foods to a cooler with ice to prevent spoilage.
Have a Backup Plan for Medical Devices and Supplies
Some health equipment and medications rely on electricity, such as breathing machines that need to be plugged in or insulin, which requires refrigeration. Creating a backup plan for alternative power sources before a power outage can keep medically necessary supplies operational. You may consider contacting your utility company to be added to a “priority reconnection service” list, which keeps service providers aware of homes that need power for life-supporting medical devices.
Heat and Cook Safely
Heating a meal or your home during an electricity outage can be tricky. Space heaters powered by a generator and fireplaces can provide some heat, though safety experts warn against using any fume-producing fuel sources inside. Never use a gas stove or oven to warm up; always use camp stoves and grills outdoors.
Use Candles With Care
Emergency candles can help brighten a room, though they’re not the safest light source during a power outage or weather emergency. If you have to use them, safety experts recommend using candle holders to prevent flames from tipping over and keeping candles away from flammable items such as curtains, furniture, and carpeting. A better option? Flashlights and lanterns that operate on batteries are safe to leave on if you exit the room and are easier to move around.
Take Precautions When Using Generators
A backup generator is great to have on hand for emergencies, though use it with a few safety tips in mind. Always keep a generator dry and never use one in rainy or flooded conditions. When refueling, always turn off a generator and let it cool before adding more gasoline to prevent accidental fires. Safety experts recommend only operating a generator outdoors (not in a garage) at least 20 feet from windows and doors to keep fumes and carbon monoxide from entering your home.
Invest in an Emergency Radio
Emergency radios aren’t just for campouts or severe weather — they can help during power outages, too. Consider a model that can charge in multiple ways. Many low-cost models include hand crank, solar, battery-powered, and USB charging options. Most emergency radios can tune into the weather, and AM and FM radio stations, which can provide some entertainment while the internet is out. Plus, newer models often include a USB port, which can charge your phone in a pinch.
Nicole Garner MeekerWriter
Nicole Garner Meeker is a freelance writer, research editor, and Optimism contributor. Based in St. Louis, she’s an enthusiastic gardener, fiber artist, and connoisseur of fine snacks
Bills, bills, bills: They may be ever-present in our daily lives, but they don’t have to be stressful. Between rising costs of living and everything from groceries to gas becoming more expensive, you should know that you have some flexibility in negotiating a lenient, more consumer-friendly payment plan for some of your expenses. Many companies will work with you since they would rather you pay in smaller increments than pay nothing at all — you just need to know which companies and how to approach them. Before you hit “send payment,” take a moment to research and potentially negotiate these six common bills.
An estimated 100 million Americans are burdened by medical debt, but you can get help paying off your bills. Ask your healthcare provider or hospital’s billing department about financial assistance. Most nonprofit hospitals are legally required to provide some level of assistance to patients in need. Also, always request an itemized list of your charges. This receipt exposes inflated prices, giving you exactly what you need to negotiate further with the medical provider or your insurance company.
Many internet and cable providers offer a discounted rate to new customers for the first year. If your deal is about to expire, call the company to ask if new deals are available. If they say no, suggest canceling your service and switching providers to convince the company to offer you an extended promotional rate. This works exceptionally well in regions where many providers are competing for business.
You can negotiate your cell service down to a much lower rate using the same method. Tell the representative that you’re considering switching to a low-cost alternative and ask if they can reduce the price to a more affordable rate. They often lower your cell phone bill to stay competitive and keep your business.
There are several ways to negotiate a lower rent. When it’s time to renew, you can potentially avoid a raise in rent by agreeing to a longer lease or offering to pay several months upfront at the current rate. You can also offer to perform maintenance and repair duties in exchange for a lower rate. Not all landlords will be receptive to the idea, but if you’ve been a proven and reliable tenant, they may be willing to work with you to keep you in their property.
Gyms offer year-round promotional rates to new members, but the lowest prices are often available at the start of each year to attract people trying to fulfill their New Year’s resolutions. Contact your gym’s billing office in early January to renegotiate your rate. Tell them you’re considering switching to another gym that offers lower rates to see if they will adjust your fees to keep you around. You can also try other strategies, such as using friends, family, and corporate referrals or seeing if you can get a discount for attending during off-peak periods.
Many credit cards have sky-high interest rates that add up quickly. Fortunately, most providers will work with you if you request a reprieve — they would rather you pay them than declare bankruptcy. If this doesn’t work, there are other ways to negotiate a lower bill, such as paying your original balance in a lump-sum settlement or applying for a hardship program to temporarily suspend interest payments.
If you want to challenge your parking ticket before going to court, read it carefully for any disqualifying features from the issuer, such as an illegible signature or the wrong make or model of your car. If your car was parked correctly, take photos before moving it. Mail an appeal as soon as possible to prevent further late fees. If your ticket isn’t dismissed, you can avoid paying the total amount if you take it to court. By pleading not guilty, many courts will offer a reduced fine and a lesser charge in exchange for changing the plea to guilty.
The world of real estate can feel overwhelming, especially if you’re a seller hoping to compete in a crowded market. Some houses can command hefty price tags for their curb appeal and cutting-edge features, and you may feel like your home lacks some of those unique qualities that attract buyers. That’s why it’s so important to spruce up your property before it hits the market, as everything from simple cosmetic upgrades to more complex renovations can produce a significant return on investment.
Energy-Efficient Doors and Windows
If a buyer notices drafty doors or windows, they may be deterred from buying your home, knowing they’ll eventually have to replace those features. While replacing doors and windows is expensive, homeowners can expect around a 70% return on their investment. Plus, installing energy-efficient doors and windows will save money on your energy bill while you still live at the property.
Smart Home Technology
The world is becoming increasingly reliant on smart technology, and buyers will pay a premium for homes that come preinstalled with sleek features such as smart thermostats and security systems. While a smart home system costs several thousand dollars to install, 81% of potential buyers say they’d be more likely to purchase a home with built-in smart technology.
A Fresh Coat of Paint
Applying a fresh coat of paint to a home’s walls yields a 107% return on investment. Furthermore, a new coat of exterior paint will generate a 55% return on investment and create major curb appeal. In fact, potential buyers will pay as much as $6,000 for a front door that pops, with black being the most popular option.
Custom Cabinets
Old kitchen cabinets are unattractive and often don’t provide enough storage space for modern kitchen needs. Refitting the kitchen with custom cabinets is a pricey renovation but one that buyers will take note of. This upgrade can lead to a 10% to 15% increase in your home’s value.
A Finished Basement
While some buyers may be attracted to the idea of unfinished spaces as blank canvases, others don’t want the hassle of dealing with future projects. Consider adding some drywall and carpeting to transform your basement into a room worth spending time in. Finished basements can lead to a 70% ROI.
An Open-Floor Concept
Open floor concepts add up to 15% to a home’s overall value, which is a huge payoff considering the comparatively low cost of knocking out a few walls. While some walls are load-bearing and must stay in place, removing unnecessary barriers to connect your living space with your kitchen will be deeply attractive to curious buyers.
A Stovetop Pot Filler
Dedicated pot fillers are an inexpensive way to add value to your home. These features are installed right above the stove and allow you to fill a pot conveniently without having to carry it across the kitchen. Little things like this cost a few hundred dollars to install yet can produce as much as a 3.2% increase in a home’s value.
It might seem counterintuitive that a dishwasher needs to be cleaned, but it does. Food and grease from your glasses, plates, utensils, pots, and pans can cling to a dishwasher’s racks and interior, creating a mess that a regular cycle can’t adequately scrub. Additionally, the soap cleaning your dishware can leave behind a residue, making your dishwasher look dirty over time. Luckily, cleaning your dishwasher is one of the easiest tasks you’ll ever do, and the only cleanser you need is vinegar.
How to Clean Your Dishwasher With Vinegar
Before you run a vinegar cycle, prep your dishwasher by scrubbing the filter with soap and hot water. If you’ve never done this, check your owner’s manual. Usually, you only need to twist the filter to remove it. While at it, wipe around the filter’s opening to remove any crud — leftover food bits can get trapped in the filter, leading to unpleasant smells.
Vinegar’s high acidity makes it effective at cleaning. Still, it’s not helpful to just dump vinegar in the bottom of the dishwasher — the vinegar should be evenly dispersed throughout the wash cycle. The best way to do this is to pour 1 cup of white vinegar into a dishwasher-safe coffee mug or bowl that is heavy enough to remain upright during the cycle. (You can also use apple cider vinegar in a pinch.) Place the container on the top rack of an empty dishwasher and run on a hot water cycle. The vinegar will gradually be pulled out of the vessel and work its magic.
Run a Vinegar Cycle Once a Month
However, too much of a good thing can sometimes be bad. With excessive use, vinegar’s high acidity can damage your dishwasher’s rubber gaskets and hoses, so only run a vinegar cycle once a month. Also, never put undiluted vinegar in the detergent or rinse aid compartments, as the vinegar won’t properly distribute in the wash cycle. Finally, only clean your dishwasher when it’s empty of other items. If salt is in the dishwasher during the vinegar cycle, it can tarnish metal utensils, bowls, and pans.
Paula Peters Chambers writes for general-interest and specialty magazines. She covers everything from people and business profiles to science and medicine to the arts and home design and decor. She lives in Richmond, Virginia, where she enjoys baking, ringing handbells, and listening to live music.
There’s no way around it: Having good credit is, well, good. It makes renting a nice apartment easier, buying a big car simpler, and your life less stressful. But it’s easy to slip into less-than-good habits and let your score dip. Luckily, there are some ways to help boost your credit score that don’t require a lot of effort.
Regularly Check Your Credit Score
Checking your credit score doesn’t boost the number, but it will be hard to get into a practice of improving your score if you’re not routinely aware of what’s going on with your credit. You can do a free credit check through sites like Equifax and Credit Karma and some banks and credit card companies. Despite what people say, regularly checking your credit score will not lower it. However, hard inquiries, like when applying for a loan, will impact your score, so be mindful of that.
Keep Balances Low
Experts agree that the easiest way to boost your credit score is to keep your credit balance low, meaning don’t spend more on your credit cards than you have. The average recommended maximum for regular credit use is around 30% of your available credit.
Ask to Increase Your Credit Limit
This one might sound counterintuitive — if you’re trying to boost your score, isn’t it better to spend less and have lower credit limits? Actually, asking your bank or credit card company to raise your credit limit shows that you can be trusted with having more cash available and still spending wisely.
Pay Your Monthly Bills in Full
It might be tempting just to pay the minimum amount due on your monthly bills, but doing so will accrue interest fees, and the more your balance accumulates, the harder it will be to pay off, damaging your credit score. If you have outstanding balances, try to pay them off before using any credit cards again
Pay Rent and Utilities On Time
While rent and utility payments don’t factor directly into your credit score, you can always use the documentation of your on-time payments as proof that you are a responsible spender if your score is low. Programs like Experian Boost or VantageScore will help you get credit for bills such as cell phones, utilities, and rent.
Don’t Ignore Billing Mistakes
It’s possible that there’s been a mistake or a missed payment throughout your spending career that never got addressed. While avoiding dealing with that might feel like the easier thing to do, past-due payments can lower your score by hundreds of points. Deal with these difficulties sooner than later to get back on track with your score.
Consolidate Your Debt
If you have overdue debts across multiple credit cards, you might be able to take out a loan to combine all of those debts into one big payment. It’ll be easier to pay off those debts when they’re pooled, and you’ll be able to lower your interest.
Keep Old Accounts Open
Maybe you got your first credit card in high school or college, and maybe you got it with points for a store you no longer shop at — it’s happened to many of us. While it’s tempting to close that card, it’s actually better for your credit score to keep those accounts open and make an odd purchase here and there to keep that line of credit.
Limit How Often You Apply for New Credit Cards
While it might be tempting to cash in on sign-up bonuses and points packages with a new credit card, it’s worse for your credit score in the long term to keep signing up for new accounts. It’s best to maintain your current and older cards rather than jump ship to new ones, which symbolizes a lack of stability.
Talk to a Credit Counselor
If you’re at a loss for dealing with debt or boosting your credit score, talk to a certified credit counselor. They’ll help you get short and long-term goals to get your credit score up and feel more financially on track.
Fran Hoepfner is a writer and teacher living in Brooklyn. She’s an editor at large for the independent film magazine Bright Wall/Dark Room, and her fiction writing has appeared in Joyland, Burrow Press, and Peach Magazine.
