Maintain Good Credit Scores


Maintain Good Credit Scores
Posted on April 16, 2019 by Kerry Vasquez
We have all found that our credit score is important in all the areas of our life! It is especially when applying for a home loan.

The credit score is a statistical evaluation likelihood of your possibility of repaying the debt you are requesting.
Credit Scores range from 300-850. The higher the credit score the more favorable your evaluation of your request of credit will be.

Below are some tips for use in the area of credit scores:

Monitor your credit.

You can order a free credit report annually from each of the three credit bureaus annually at http://www.annualcreditreport.com
The monitoring of credit will help you keep on top of your credit, and show you if there are inaccuracies you need to correct.

Pay your bills on time.

Having on time payments on your accounts demonstrates you manage your money. The Trending Credit evaluation also is being used by credit bureaus. This means that if you charge and pay the account in full each month, it shows wise money management.

Age is Good!

Don’t close old revolving accounts.
The age of accounts is actually useful in higher credit scores. Credit bureaus look at length of credit in the evaluation of issuing scores.

Don’t open new accounts.

Those stores offering small discounts can be enticing for opening a new account. The action of applying, then the opening of the account can actually lower your score for a period of time, so carefully evaluate if that small benefit of the discount is at the right time. Do not open any new accounts when in process for a home loan.

Don’t cosign any loans.

The credit repayment of those loans becomes yours. That late payment they remit will affect your scores.

Hopefully these pointers help you maintain and value your credit score. Information on this important subject are important in the preparation for seeking to purchase a home. It is one of the items a lender uses to approve a loan.

Kerry Vasquez on Oregon Home Loans

We have all found that our credit score is important in all the areas of our life!  It is especially when applying for a home loan.

The credit score is a statistical evaluation likelihood of your possibility of repaying the debt you are requesting.
Credit Scores range from 300-850. The higher the credit score the more favorable your evaluation of your request of credit will be.

Below are some tips for use in the area of credit scores:

Monitor your credit.

You can order a free credit report annually from each of the three credit bureaus annually at http://www.annualcreditreport.com
The monitoring of credit will help you keep on top of your credit, and show you if there are inaccuracies you need to correct.

Pay your bills on time.

Having on time payments on your accounts demonstrates you manage your money. The Trending Credit evaluation also is being used by credit…

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