Buyers, what you need to know about your credit (Tip of the Iceberg!)

Your credit is the most important asset you have, personally and in business. Most people run into credit issues because they don’t take the time to understand how credit REALLY works. 80% of “general” credit information given today is inaccurate. Take the time to learn about credit and understand how it affects you. View a copy of your credit report AT LEAST every 6 months and DON’T BE AFRAID TO ASK QUESTIONS.

Payment History Tips:
Pay your bills on time
Be aware that paying off or closing an account will not remove it from your credit report.
If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.

Amounts Owned Tips:
Keep balances low on credit cards and other “revolving credit.
Pay off debt rather than moving it around.
Don’t close unused credit cards as a short-term strategy to raise your score.
Don’t open a number of new credit cards that you don’t need, just to increase your available credit.

Length of Credit History Tips:
If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.

New Credit Tips:
Do your rate shopping for a given loan within a focused period of time
Re-establish your credit history if you have had problems.
Not that it’s OK to request and check your own credit report.

Types of Credit Use Tips:
Apply for and open new credit accounts only as needed.
Have credit cards – but manage them responsibly.