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Improve Credit Scores
When thinking about buying a house or a car, a person's credit score is a very important number. The interest rate one will pay for the money borrowed will be determined, in large part, by this three-digit number. The range for a credit score is 300 - 850, with 300 being the very worst possible and 850 being the very best possible. A credit score over: 700 is considered excellent, 660 to 700 is average, below 660 usually means some work needs to be done.
The mantra for getting a great credit score is...and this may sound obvious
Speedy upgrade: Suppose there is a need to improve a score to get a better
rate when applying for a loan on a big purchase.
A Big No-No!!! Don't close unused accounts to improve a credit score. If you do close an account it is suggested to do it after the intended purchase has taken place. Also, it is better to close new accounts vs. old ones. Keep in mind, if an older account is closed, it may make one look like a newer borrower.
The bottom line is that people are not powerless when it comes to their credit scores. Understanding what your credit score is now and what's influencing it today will pay off when it's time to make a big purchase.
This information is not legal advice. If you have specific questions
contact an attorney.
If you, your friends, or family are thinking about buying or selling real estate don't hesitate to call or email Andrew.
Home Investments that Pay Dividends
Andrew L. Parker
RE/MAX Mutual Realty
1718 NW 56th Street, Suite 210, Seattle, WA 98107
Cell: (206) 930-8238 | Fax: (206) 297-5599