How to Get & Keep High Credit Scores!
FINANCIER$
Mortgage Group
“The approval Experts since 1984!”
David & Debbie Bennett
(972) 644-8244
(817) 204-0028
David’s cell (469) 371-0226
Debbie’s cell (469) 371-0227
718 Boling Ranch Road
Azle, Texas 76020
(while our mailing address is in Azle,
we aren’t actually near Azle)
S.A.F.E. Act Compliant • Texas licenses #2014 & 6426
• NMLS registration #225460 & 234360
DAVIDB OR DEBBIEB at FINANCIERSMORTGAGE dot COM
The music this week is courtesy of Canta Rhythm & Brass. (http://cantaband.com).
The lead in music is "La Vida Es Un Carnaval" and the exit song is "Long Train Running".
Visit their site to hear more and find out about them. Find out where they will be playing and go see them sometime, you’ll like them.
A little salsa, a little rock and whole lot of attitude!
SUMMARY OF THE MAIN POINTS OF HOW TO GET & KEEP A HIGH CREDIT SCORE FROM THE VIDEO.
Formulas and many more details are in the video.
One update is needed, we can now do mortgages down to a 500 score.
We can do FHA down to 500 score
100% VA loans down to 560 score
100% USDA loans down to 581 score
-
No one is automatically ENTITLED TO CREDIT, you have to earn that right. -
Having NO credit is better than bad credit.
-
You need to have regular credit activity to get & keep your scores high. The more activity the higher your score so spread your credit card usage out over multiple sources rather than using just one card. Don’t go deeply in debt, just spread the same usage over multiple cards.
-
You have a lot of different credit scores. There are 3 bureaus plus each bureau assigns a different score based upon the reason for the credit inquiry (car, credit card, mortgage, etc.) plus there are 26 different scores possible for each one of those scores. There is no way for a consumer to get an accurate credit score nor a full credit report. Those can only be acquired by a creditor.
-
The higher your credit score the more loan options you have and the better the rate & terms you will get.
-
You need to pay your bills on time, but paying extra or paying a card down to $0 does not help your credit score. All the credit bureau sees is that a payment was made. There’s much talk about the new Trended Credit Data which in theory could help those who use little credit, but the Credit Bureaus have released statements saying the Trended Data won’t affect your credit scores because they don’t have enough experience with the new data to forecast how you will behave. That would require a complete rewrite of their scoring algorithms so
-
More pieces of credit = higher score
-
Small pieces of credit count almost as much as large pieces towards building your credit score.
-
Small payments count almost as much as a large payment towards building your credit score.
-
More available credit equals a higher score so keep your balances to below 50% of your credit limits to maximize your score. Paying 2 cards with balances down to 50% levels helps more than 1 card down to 20%.
-
Credit Bureaus are not your friends and you need to check to be sure that the information they contain is accurate.
-
Occurrence date is of supreme importance because the date it happened affects how long it can be reported, plus how much of an impact that credit has upon your credit scores!!
-
Recent credit has more impact on the score than old credit.
-
The Statute of Limitations for reporting most information is 7 years.
-
INQUIRIES HURT!
-
Don’t keep closing accounts and opening new ones as accounts with the longest history count the most.
-
It takes 6-8 months for a new account to join the forces of the good guys & help your credit score.
There is much more information in the video!
