If you want to buy a house, car, car insurance, or even apply for a credit card the higher your credit scores are the more money you will save with lower interest rates!!
Did you know that you are entitled to a free annual credit report?
You are.
The site to go to is http://www.annualcreditreport.com
OTHER IMPORTANT FACTS:
INACCURATE INFORMATION BEING REPORTED ON YOUR CREDIT REPORT CAN BE DISPUTED. THIS CAN BE DONE ON LINE OR IN WRITING.
If you have credit cards that you are not using your account can be closed by the credit provider which can lower credit scores. BEST ADVICE: Keep a small balance and ALWAYS pay on time.
Almost a third of your credit score is determined by how much you owe on your credit card accounts. If you have high balances your credit scores could be severely impacted by your revolving utilization. On the other hand, if you have no credit cards or have some credit cards but don't use them this could also have a negative impact on your credit scores.
BEST ADVICE: Try to keep account balances at least below 50% of the available credit.
Lastly, statistics show that consumers who have more inquiries are higher credit risks than those with fewer inquiries. It is for this reason that the more inquiries you have, the more points you lose in the credit score calculation. The exact point value taken for too many inquiries is a much argued topic and is impossible to give an exact point value because it really depends on all of the other information included in your individual credit profile.
The best strategy would be to only apply for credit when you absolutely need to.
If you have any questions about your credit report please feel free to give Vantage Mortgage a call.
732-238-6316
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