Credit is something not everyone has but it’s something everyone needs. Most don’t know how to get it and many do not know how to manage it once they obtain it. If you have an understanding of credit and how it works it is very easy to manage and maintain.
What you don’t know CAN hurt you.
Did you know that paying an old negative item: collection, charge off, judgment, repossession or tax lien will NOT help your credit score? It will actually lower your score depending on the date they updated last to the credit bureaus?
Did you know that it takes time for things to update on your credit report? If you pay your credit card balance down today it will not reflect on credit today? If you have a revolving line of credit with a high balance it is affecting your score negatively. The lower your balance the higher your score.
Did you know that the credit reports with scores you can pull yourself online are not accurate to a lenders credit pull in most cases?
Did you know that if you get a collection notice you can pay it or work something out to prevent it from showing up on your credit report? Ignoring is what gets you in trouble. If you take care of it within 60 days from the 1st notice you can prevent it from appearing on your credit report.
There are many myths regarding credit out there. What most think they know of credit is incorrect. A lot of the information people know of credit is based on what someone has told them when they went to obtain financing. Sometimes that information given at the time of financing is not benefiting you or your credit, but it is what the bank doing the financing needs to get you approved. The FICO scoring model is pretty basic and if you understand how it works you can obtain and keep a high credit score at all times.
Call us today to get additional information and get started on bettering your credit situation today!
Take your understanding of Credit to the next level. Undoubtedly, your visit to this site is geared towards an end result – greater credit education. Beyond having a great credit score, understanding the basics of how credit works will transform you into a more informed consumer, able to grasp the concept of credit and assert your rights as a consumer within the credit system.
The More You Know
LINKS, VIDEOS, AN INFORMATIVE BLOG AND PERSONAL CONSULTATIONS ARE AT YOUR FINGERTIPS. Enable yourself to gather as much useful information in order to become an informed consumer. Make no mistake, knowledge is the key to long-term success in maintaining your credit.