Credit Scoring

Credit Score- a mathematical model, can make you or brake you. It is a lenders table of measure and should be your main concern if you care about  your money. The score can determine the fees, interest rates and terms you will be offered, or not.

Remember the following:

35% The Way You Pay

Your credit history is the most important factor!

30% What you owe

Keep your debt below 50% of your credit limit. Thirty percent would be ideal.

15% How long of a history

In other words, build a track record of stability and dependability. This factor assures you future credit. One important item-never close an account.

10% Types of credit

Try to have different types of credit. (mortgage, retail accts. etc.),

10% Trying to get new credit.

Try not to go crazy in applying for credit. Doing so can decrease your score in a heart beat. However, if you do go batty with this, do it within 14 days. In doing so, it  will count as only once.

In times of tight credit-like now, the tougher it is for those with less than stellar scores to get any kind of reasonable credit.

 

Hope this helps!

 

For professional advise on all aspects of buying or selling Real Estate, please contact me Richard Recuset at-786-287-9272 -email: RecusetRealEstate@Gmail.com

The Recuset Group .

 “The purpose of life is a life of purpose”