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your file is so noted and thi= s can reduce your score. So, limit credit applications and thus limit the n= umber of companies you owe money. However, this does not mean you should cl= ose accounts to boost your credit score. By paying down or paying off an ac= count and keeping the account open, the total credit available—versus= showing you are using only a small percentage of that available creditR= 12;can improve your credit score. Closing the account altogether can reduce= the ratio between what you owe and what is available to you.
Credit Limit= s Be sure that your creditors are reporting your credit l= imits so there’s no assumption by the FICO system that you’ve b= orrowed to the limits when you know that’s not the case.
Automatic Bi= ll paying Consider this to assure that you’re never late on= a bill. Late paying can considerably reduce your credit score. |
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A credit score is a number between 300 and 850 that hel=
ps lenders determine whether to grant credit. You can improve your score by=
managing your credit well. A strong credit history gives a strong credit s=
core.
Credit Repor= ts and Scores Review your “FICO” scores and credit report= s once a year or before you apply for a loan – Check for any errors a= nd negative information. (You are entitled to a free credit report from the= three major credit bureaus but the reports do not include your credit scor= es—they will sell you a FICO score). If you find any error(s), contac= t the credit bureaus online or in writing. They have 30 days to investigate= and either correct the error(s) or respond that the information is correct= .
Credit appli= cations and canceling credit When you apply for credit |
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Brian G. Smith Vice President of Mortgage Planning =
419-625-2600 office 866-659-2600 toll free 866-337-1369 fax bsmith@unmco.com |
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