Do’s and Don’ts And Your Credit Score
Roy Kelley has provided us with some great tips of Do and Don't that can and will effect ones credit score. Please stop by Roy's page to leave your comments and input and please tell Roy that John McCormack, Albuquerque, Realtor® sent you his way.
Things That Affect Your Credit Score – Do’s and Don’ts
Do pay your bills on time – Never be more than 30 days late
Do pay down your debts
Don’t close accounts
Don’t open accounts unless absolutely necessary
Don’t file bankruptcy or foreclosure – stays on credit report 10 years
Do delete errors
Do attempt to delete negative credit through negotiation when possible – Avoid credit repair scams
Do communicate with your creditors if you are having financial issues or problems
Do become an authorized user – Warning – not all creditors report and works both ways on negative
Do consider secured credit cards or co-signers when trying to establish credit
Do use Quick or Rapid Rescore – there is a fee and must be done through a mortgage company or bank
This message was received from our friend and mortgage loan professional Joe Salisbury at Presidential Bank Mortgage in Gaithersburg, Maryland. Our office, RE/MAX Realty Group, has an affinity marketing relationship with Joe and his company.
I wanted to pass along some information regarding ones credit. This may be helpful for your first time home buyers, people who have struggled with their credit, or someone who may be trying to reestablish credit.
At the end of this message, you will find information on the three repositories and how you can clear up credit issues. Call me anytime if you have questions or need any help. I will be happy to advise your clients. Thanks. Joe
Your credit score affects every aspect of your financial life including qualifying for loans and mortgages, your interest rate and terms, housing, employment opportunities, and even insurance premiums. Millions of Americans have negative, inaccurate, and unverifiable information on their credit report. Repairing and maintaining your credit profile is one of the most important financial decisions you can make. You need to take the important step of understanding and taking control of your credit. There are federal laws in place to make sure that you can repair problems on your credit report and increase your credit score. These laws are found in the Fair Credit Reporting Act. Be proactive. Understand your rights and make the commitment to start today.
Credit Repositories
Experian
P. O. Box 2002
Allen, TX 75013
888-397-3742
Equifax
P. O. Box 740241
Atlanta, GA 30374-0241
800-685-1111
Trans Union
P. O. Box 1000
Chester, PA 19022
800-888-4213
Examples of acceptable documentation include the following.
Creditor Letters - must include ALL of the following:
Letterhead of the creditor
Account number
Consumer's name
Creditor contact name and phone number
An explanation explicitly stating what needs to be done with the account
Properly recorded public records such as:
Certified satisfaction of judgment from the court
Certified tax lien release from the IRS
Certified bankruptcy discharge papers from the court
Any other legal documents that may support the borrower's claim
Other written correspondence with contact name
Examples of documents that they will not accept:
Canceled checks
Receipts for money orders
Account Statements
Hand-written letters
Third party documentation
Joe Salisbury, Manager, OFFICE/PAGER: (301) 590-8911 ext. 209
www.presidentialbankmortgage.com/Joe
Our thanks to Joe Salisbury for providing this informative post.
Longwood Gardens IMG_2154
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Your Real Estate Professionals In Maryland.
Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty GroupClient Assistance: 301-670-8996
Recipient of the RE/MAX International Lifetime Achievement Award - 2008
Albuquerque Homes and Lifestyle Blog
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John McCormack Owner/Managing Broker, e-PRO
505-980-4576 / John@AlbuquerqueHomes.com
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