Last week I heard a great presentation on Credit Scores, and why it is important to know your own.
Did you know that it is important to check your credit report every 6 to 9 months?
The reason for doing this is to ensure that your credit is in line. Confirm that there are no outstanding leans going towards you that could negatively affect your credit. These are the types of issues that could hinder your ability to get a mortgage or loan in the future. Many companies will use your Credit Score to see if you are a good credit risk or not.
An Excellent credit score is 680, but most lenders will look at qualifying you if you have a score of at least 620.
You can check your Credit Score by going to:
There are a few things that you can do to improve your credit score such as:
· Always make the minimum payment on your credit cards and on bills. Never miss a payment.
· Have more than one type of credit (Visa, Master Card, Line of Credit, Car loan, etc…) but make sure you use them if you have them.
· Keep balances low in relation to the available credit. Keeping balances below 25% of the limit will improve your score, and if you keep the balances over 75% of the limit, this will decrease your score.
I feel that this information is very valuable and it is something everyone should know about. Check your Credit Today!
I would like to Thank Teresa Martin Grier from the Mortgage Medics team for her presentation and the information I have been able to provide today.
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