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INVESTMENT

IMPROVE OR BUILD YOUR CREDIT SCORE

Now a day your credit is anything and everything when it comes to your financial wellness or your accessibility in terms of real estate. Thus, you must have your credit score in top shape in order to facilitate your success in this industry as a whole.

Many of the current and future societal and technological gifts are all available, and at arms length, to a consumer with good credit. For instance, owning a vehicle, having your own home or even purchasing electronics with credit is based on your individual credit score.  Once an individual person has established a solid credit file they have access to lower interest rates, which means lower monthly payments, larger credit lines, and many more opportunities to become wealthy.

EDUCATE YOURSELF!  We CAN help you. Click here

 ESTABLISHING CREDIT

• You must be 18 years of age to begin to establish credit

• You must open a checking account or savings account and acquire a debit card. Although doing this will not create a credit file you will begin to show that you have some funds and that you know how to manage it.

• Apply for a credit card with someone you know whom has good credit or apply on your own. Always keep in mind the terms and conditions of all credit cards you review to find the best rate.

• As a first time credit applicant, credit lending companies will provide credit lines with low balances, unless you have a co-signer.

• Mail or send your payment via-internet on time always!

• Make sure you pay more than the minimum every month

• Try to pay the creditor before the deadline

A FEW TIPS ON CREDIT

• Your payment history is typically a significant factor in determining your credit score. If you have late bill payments, had an account referred to collections, or declared bankruptcy it is likely that you will have a lower credit score.

•  If the amount you owe to your creditors is close to you credit limit it is likely to have a negative affect on your credit file.

• How long is your credit history? Usually for investment purposes you are recommended to have at least two trade lines open for a minimum of two years. However, if you have an insufficient credit history it may affect your score, but that can counteract by other factors, such as timely payments and low balances.

•  Some credit models consider whether you have applied for credit recently by looking at “inquiries” on your credit report when you apply for credit. If you have recently applied for too many new accounts, it may have a negative affect on you score, such as apply for vehicle financing at multiple dealerships in the same month. Not all inquires are counted though.  Inquiries by creditors who are monitoring accounts or looking at credit reports to send out credit offers to prospective clients are not counted.

• Remember that not having enough credit may negatively affect your score. Conversely, too many trade lines or credit accounts also have a significant affect on your score. Some models take into account the type of trade line you have, usually the ones from finance companies may negatively affect your credit score.

If you know your credit score average and need help repairing it, we can assist you to prepare all the appropriate letters and send them out to the three credit reporting agencies: Experian, TransUnion and Equifax.

The following information is public and may be used in case you need to contact one of the three credit reporting bureaus.

Trade Names

Experian: www.experian.com
(FICO)         1-866-200-6020

TransUnion: www.transunion.com
(Empirica)    1-800-888-4213

Equifax: www.equifax.com
(Beacon)      1-800-685-1111

Useful credit information

FICO (Fair, Issac and Company, Inc):

• Understanding Your Credit (English)
• Understanding You Credit (Español)

• Your Credit Score (English)
• Your Credit Score (Español)

• Identity Theft and You

FNMA (Fannie Mae):

• Knowing and Understanding Your Credit

FHLMC (Freddie Mac):

• Credit Smart! (English)
• Credit Smart! (Español)

Investment

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