1.Closing out old, inactive accounts will help your score.
Your credit score is partially based on your length of credit history and your utilization rate. By closing old accounts, you can make your credit history appear shorter and as a result actually decrease your score. It can also reduce the total amount of available credit, which can also affect your score.
2.Opening (but not using) accounts will help your score.
Your credit score is affected by how well you manage the credit you do have over a period of time, not by how many credit cards you have or the available balances.
3.You should avoid using your credit cards at all.
If you're not using your credit, you're not building credit history. Use your credit cards from time to time and promptly pay off the balance.
4.Dispute letters can clean up your bad credit.
Dispute letters may force the removal of negative items temporarily, but once the lender can prove the records accuracy, it will reappear on your credit.
5.Paying off old debts and judgments will help your score.
Don't expect a "negative" to disappear by paying it off. Negative records remain on your credit for 7 - 10 years, regardless of any remedies you've made.
6.Credit inquiries hurt your score.
Inquiries alone do not make a big enough change in your credit score to make a difference when it comes to lenders.
7.Using a credit counseling service lowers your score.
Credit counseling services no longer figure into the FICO scoring system. So although your report might indicate you are receiving credit counseling, using those services won't lower your score.
8.There's a set formula for obtaining good credit.
Credit is a very individual thing. Credit scores look at everything and take it all into account.
9.You can get a perfect score.
Getting a perfect score of 850 is nearly impossible. Your credit score is a reflection of your credit risk and regardless of your credit history, there is always a risk.
Interest rates are currently below 4.25% and you only need a downpayment of 3.5% on FHA or 5% on conventional loans. Also, USDA100% financing is back and you can now get in for zero money down. Income limits and certain restrictions apply.
It's a great time to buy real estate so give me a call and let's start your home search today! Also, if you are thinking about selling, a complimentary analysis of your home’s value and what you can net if you sold your home “now”, contact me today!
Thanks for your time and I look forward to assisting you with your real estate needs.
Author:Deborah Boyd Phone: 940-368-1306 Dated: March 8th 2016 Views: 2,271 About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
If you are interested in a new career in real estate or already have a real estate license but wish to learn more about our company please contact us directly to set up an interview. We offer our agents a 100% commission plan, company leads, training and mentoring and coaching from TOP Producers with no office, desk fees or monthly marketing fees ever. We are a full service brokerage at a transaction fee cost.
At JP And Associates REALTORS we strive to exceed our Clients AND our Associates expectations.
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"Carolyn was not only friendly and easy to work with, but she went out of her way with the little things when she didn't have to. She walked me through every part of the process and always made sure I knew everything that was going on. Thank you so much Carolyn Cruz"