Building your credit score

Establishing good credit

CAPE GIRARDEAU, MO (KFVS) - When you buy a car, a house or make any other big purchase your credit score matters.

Local lender, Jay Knudtson told me when it comes to establishing your credit, it’s all about common sense. Paying your bills on time and not taking out a loan you can’t afford helps.

“We always recommend sending someone to a local lender to get pre-approved,” said Jared Ritter, a broker at Ritter Real Estate.

He said when someone is looking to buy a house the first step is securing a loan, that means a close look at your credit score.

“In some instances we run into clients who have maybe not even bad credit but not enough credit," said Ritter.

“Establishing your credit can be challenging but its all within your own control," said Knudtson.

He said when it comes to building up your credit it’s all about using common sense with your dollars and cents.

“The fact of the matter is if you make those payments on time that will drive your credit score more than anything,” said Knudtson.

He said while no one really knows how credit scores are calculated, they do know what can bring them down.

“And that’s a lot of debt, minimum monthly payments and most definitely when when you miss a payment,” said Knudtson.

He said you should consider your credit score as your very own brand.

“So to anybody out there that is really taking a look at their credit scores be mindful be committed and be sensitive to that it has real impact if you fail to hold up your end of the bargain,” said Knudtson.

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