10 Simple Credit Do’s and Don’ts

10 Simple Credit Do’s and Don’t’s  

Consumers may be rejected for loans or jobs based on erroneous credit reporting. In a recent study, 79 percent of credit reports reviewed contained serious errors or other inaccuracies in regard to a credit trade line and personal information.

Did you know, the national average credit score for those with a severely delinquent mortgage account was 599 in February 2008, compared to 605 in February 2007 (source: Experian Index)

25.5 percent of consumers — nearly 43.4 million people — now have an average credit score of 599 or below, marking them as poor risks for lenders. (Figures provided by FICO Inc.)

Steps You Don’t Want to Take to Ruin Your Credit…

1. Don’t “Strategically ” default with your mortgage company

2. Don’t increase your credit card balances and/or pay another debt with debt. Ultimately, you will place yourself in a regretful financial status by maxing out your credit lines which reduces your credit score

3. Don’t inquire for excessive credit, inquiries impact your credit score for one year. Instead, go to www.Equifax.com and order a three merge credit report from their site. You will not be penalized for a credit inquiry

4. Avoid filing Bankruptcy, unless you have no other recourse

5. Don’t overextend yourself with new credit

Steps You Do Want to Take to Improve Your Credit …

1. Do manage and maintain your accounts as “current” status reporting

2. Do Budget

3. Do pay more than what the minimum balance is due

4. Do sell your non-performing real estate or commercial properties

5. Do keep your balances below 30%-50% of the available credit limit

For more information on how we can best serve your Old Naples FL  credit restoration, please fill out the online contact form about your concerns or give me a call at 855.477.9007 . Read what people have to say about First Pro Capital on our Testimonials page.

Allow our team of professionals to assist you! 

 

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