As I have shared in the past, your credit score effects how much you pay for car insurance and homeowners insurance, and it determines the interest rate you will have for your car payment, your mortgage, credit cards and the list goes on and on.
As you can see, having a great credit score can save you money in so many ways. So any secrets that teach you how to optimize your credit score are certainly good secrets to know.
Did you know that if you are “maxed out” on your credit cards it hammers your credit score almost as much as if you had a late payment? (Maxed out is when your credit limit and credit balance are very close to being the same.)
Did you know that some credit card companies do not report to the credit bureaus what your maximum credit limit is? Now you may think that’s a good thing, but it’s not. You see, if there is no maximum credit limit reported, the credit bureaus assume that you are “maxed out” and this mis-information hits your credit score almost as much as a late payment does.
So a key strategy for raising your credit score is to make sure that your credit card company publishes your maximum allowable credit limit to the credit bureaus so that you don’t get falsely accused of having reached your limit.
If you need help figuring out which companies may be using this or other dirty little secrets against you, give me a call and I’ll be happy to provide you with a free credit report.
Unlike the reports you order off the internet, my report includes your credit score. The best news is that I foot the entire bill for my client’s and their friends. I review the entire report with you to see where we can make improvements to your score. Think of me as a personal watchdog for you, your family and your friends.
Now I have a quick favor to ask of you. Would you please be my ears for me? If you hear that any of your friends, family members or co-workers are even thinking of buying, selling, or refinancing their home, would you please share my information with them so that I can help them too? I promise to take great care of them. Thanks so much, I appreciate and honor your trust.
Feel free to forward this tip to your friends so that they can take advantage of this key service also. Don’t forget to give me a call right away so we can take a look at your credit score. I look forward to hearing from you soon!
Philadelphia Mortgage Company is a DBA for Joe Downs, a licensed loan officer with Advisors Mortgage Group.