Your credit score is calculated from your credit report.
However, lenders look at many things when making a credit decision including your...
Income.
How long you have worked at your present job.
The kind of credit you are requesting.
Credit scores follow you anywhere you go in the financial world.
If you recently reviewed your credit report and the score is lower then you expected, here are some of the possible reasons why:
- Paying bills late
- Skipping payments
- Having an account charged off or closing it.
- When an account is sent to collections
- Defaulting on a loan
- Filing bankruptcy
- Your home is foreclosed on
- High credit card balances
- Maxed out credit card balances
Here's how to make sure yours is the best it can be...
- Find and dispute mistakes on your credit report
- Pay down credit card balances
- Raise your credit limit
- Don’t close accounts
- Don’t apply for credit before a big purchase
- Pay on time
- Ask for a good will adjustment
- Try to remove black marks
- Use an old credit card
- Apply for different types of credit
- Shop for credit fast
- Open a secured card
- Don’t consolidate your credit
- Rehab your student loans
- Make sure every company reports
- Find out when your balance is reported
- Don’t co-sign
- Start early and wait...
If you are planning to purchase a home in the near future, don't hesitate to contact my office for a more in depth look into your credit standing. Your referrals are always appreciated!!
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