Improve your credit opportunities
Explore strategies for managing your credit and debt.
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Whether you’d like to improve your credit score, or you need to recover and rebuild from an event that damaged your credit, there are some key steps you can take to improve or rebuild your credit:
Good credit affords you numerous opportunities. With good credit, you may be able to access better borrowing options, qualify for lower interest rates, and receive better terms.
Whether you’re hoping to qualify for the best rates or need to make up for a couple of missed payments, you can improve your credit with a few simple steps and get closer to achieving your financial goals.
We recognize that regaining control of your debt can feel challenging, but with time, you can achieve it. Rebuilding credit takes patience, so make decisions based on your overall financial situation, not just your credit score.
First, if you’re having difficulty making payments, call your lender today for help.
Once you’re ready, take a look at the following ways you can help rebuild your credit:
If you’re facing challenges and need personalized assistance, don’t wait: lenders want to work with you. Visit Wells Fargo Assist for help with Wells Fargo payments, or the National Foundation for Credit Counseling.
Fair or good credit
Wells Fargo standards for credit scores:
Debt-to-income (DTI) ratio
Your debt-to-income ratio is the percentage of your monthly income that goes toward paying down debts and other monthly expenses like rent.
Cosigner or co-applicant
A cosigner is someone who lends their credit to help the primary borrower qualify for a loan and is responsible for repayment if the primary borrower fails to make payments. A co-applicant applies jointly with the primary borrower and shares responsibility for the repayment of the loan. Any new debt taken will appear on both the primary borrower and the cosigner or co-applicant’s credit report and may impact their credit score.