Steps To Securing And Maintaining Good Credit Scores

Factors That Affect Your Credit Scores:

• Your Payment History;
• The amount of Money that you owe;
• The number of credit inquiries on your credit report;
• The length of time you have had credit;
• The type of credit you have.

Here are Ten Steps to Improve Your Credit Score:

Step 1- Keep your credit card balance under 30 percent of your credit limit. (Keep control of this utilization rate. Increase your credit limit if necessary).

Step 2- Have three revolving credit Lines. (credit card lines)

Step 3- From time to time, verify the accuracy of your credit report and be sure to report any inaccuracies.

Step 4- Have at least one active or paid installment account on your credit report. (To maximize your credit rating, strive to have a mortgage, three revolving credit cards, and one installment account. Keep them all up to date, and control your utilization rate as explained in Step 1.)

Step 5- Remove errors from your credit report (Examine your credit report; take the appropriate action to remove any errors.)

Step 6- Before paying off a collection account, negotiate with the collection agency in order to receive a letter of deletion from your account. (With this letter of deletion, you may be able to get the collection removed from your credit report.)

Step 7- Create a structured plan to protect, track and maintain your credit. (Contact us for assistance in this effort.)

Step 8- Disregard any solicitations from credit card companies with pre-approval notices. (If you accept these solicitations, the companies will make an inquiry on your credit report. Your credit score will be affected.)

Step 9- Please note that Bankruptcies, Judgments, Slow Pays, Delinquent Student Loans all have an adverse effect upon your credit scores and ratings.

Step 10- Be Diligent. It takes time and effort. (If you follow the steps above, you will form a habit of doing the right things to maintain and keep a good credit rating. Remember, in today’s business world, everything is credit score driven.)

All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email or call Maya REAL Estate Brokerage directly to discuss any of these matters in further detail.