Tips about your credit score

A 700 score or above is ideal and will save you big time money. A difference of about $220 per month on average on a 30 year, $250k loan compared to a credit score of 600-699.

Tips to raise your credit score!

  1. Order your credit histories from the three primary credit bureaus: Experian, Equifax and Transunion
  2. See any errors? Ask for them to he removed. Foreclosure, bankruptcy, tax liens and collections actions-any of these will remain on your record for 5 to 7 years.
  3. Pay your bills on time! Late payments are killers.
  4. Don’t use your credit too much. Rule of thumb-You should not use more than 30% of your credit line, better yet, over all debt should not be more than 30% of your income.
  5. Don’t close unused credit cards, but at the same time don’t open new accounts.

Individual scores are determined by considering these factors:IMG_0877[1]

    1. 10% ————   New Credit
    2. 10% ————   Credit Mix
    3. 15% ————   Length of Credit History
    4. 30% ————   Amounts Owed
    5. 35% ————   Payment History

8 Facts about bad Credit scores

  1. It might hurt you in getting your dream job.
  2. 19 people fall victim to identity theft every minute worldwide.
  3. A low credit score adds up to $1,000’s more in interest.
  4. Bad credit means paying higher auto insurance
  5. Might even affect your ability to get a cell phone. They might require a deposit and or co-signer.
  6. Can hurt your relationships. Money management can be very attractive!
  7. Affects professional licensing.
  8. It affects in buying your home.

As you can see, money matters matter!

______________________

When you hire Recuset Realty- team Doral for your real estate needs, you not only get highly qualified professionals on your side, but also access to information, markets, technology and a team of real estate experts.

You also tap into a global network with vast experience in residential, commercial real estate, and property management.

Richard Recuset could be reached at 786-471-5228, Richard@teamDoral.com.

“Si usted no dispone del tiempo y/o no posee los conocimientos, entreguele la propiedad en manos de un Corredor calificado”

*Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advise and is for information purposes only.

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