HARRY'S TOP 5 WAYS TO MAINTAIN EXCELLENT CREDIT PHOENIX REAL ESTATE

By
Real Estate Agent with Precision Real Estate Inc. SA535849000

HARRY'S TOP 5 WAYS TO MAINTAIN EXCELLENT CREDIT PHOENIX REAL ESTATE

PHOENIX REAL ESTATEI am writing my 5 STEPS TO MAINTAINING EXCELLENT CREDIT because ones credit score is vital in today's marketplace. A person applying for a mortgage will need a credit score of 750 and above in order to obtain a great mortgage rate. Many people do not even know their credit score. We will need to start paying more attention to this three digit number as more companies will use this number to judge us on credit worthiness.

  1. OBTAIN COPY OF YOUR CREDIT REPORT-You can obtain a copy of your credit report at www.myfico.com or I would highly recommend to obtain a copy of your report from a mortgage professional. This is just my personal recommendation.
  2. CHECK FOR MISTAKES-Experts have stated that 70% of all credit reports contain some type of mistake. Wow, that is a large number. You must contest all mistakes to the credit bureaus in writing to remove the mistakes.
  3. NEVER BE LATE-My Mom always told me to pay my bills on time. This has been instilled in me since I was a kid. If you have one 30 day late, then call that company for mercy so it does not get recorded on your credit report.
  4. NO MORE THAN 20% OF MAXIMUM-Experts state not to charge no more than 20% of the total maximum allowed. If you are over that percentage, then pay down your debt as soon as possible.
  5. DO NOT CLOSE OLD CARDS-Many people close out their old cards. This is a huge mistake because it does lower ones credit score. Today, a person needs three trade lines open for one year or more. It is best to have older trade lines open.

CREDIT PROFILE

Please review the pie chart above that better shows the makeup of our individual credit score. People have tried to figure out the magical formula that creates our credit score. My simple advice is to pay your bills on time and do not over extend yourself. Keep it simple and you will be rewarded.

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Re-Blogged 2 times:

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Topic:
Lending / Financial
Location:
Arizona Maricopa County
Tags:
phoenix real estate
fico credit score

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Rainmaker
125,221
Susan Jacobsen
Carolina Realty Group - Hilton Head Island, SC
WOW Service locating your lowcountry dream home

Harry - great post and wow you're the 2nd 1Mil milestone person I've read about this week! Amazing!

Sep 07, 2013 10:52 AM #7
Rainmaker
599,230
Nancy Conner
Managing Broker - City Realty Inc - Olympia, WA
Olympia/Thurston County WA
Good info! It can be so easy for people to mistakenly think they're doing the right things to improve their credit score....only to find out it didn't work out as they expected. Always good to consult the pros and follow that expert advice!
Sep 07, 2013 11:04 AM #8
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Harry F. D'Elia
Precision Real Estate Inc. - Phoenix, AZ
Investor , Mentor, CSSN, Radio Coach, REOs, ABR

Thanks for the feature. Also I love being part of AR--now I am working on 2 million

Sep 07, 2013 11:18 AM #9
Rainmaker
196,657
Jay & Michelle Lieberman
Keller Williams Realty - Westlake Village, CA - Agoura Hills, CA
Creating Calm in the Buying and Selling Chaos

What a great chart Harry.  Appreciate it.  I did not know about the no more than 20% levered on charge cards.  New one for me.

Sep 07, 2013 11:41 AM #10
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Praful Thakkar
Keller Williams Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Harry, so at least one myth busted - I used to believe that closing old cards does help improve the credit score! Thanks for good information.

Sep 07, 2013 11:55 AM #11
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Tammie White
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net - Franklin, TN
Franklin TN, South of Nashville

I'm not a fan of credit but I have some very old credit lines just to help with my scores.

Sep 07, 2013 12:41 PM #12
Rainmaker
65,145
Steve Roake
Nextage Realty Solutions - Plainfield, IL

Everyone needs to know this info, especially those buying a home.  I'd also add don't make any big purchases on credit right before closing.  This happens all too often

Sep 07, 2013 01:36 PM #13
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Harry F. D'Elia
Precision Real Estate Inc. - Phoenix, AZ
Investor , Mentor, CSSN, Radio Coach, REOs, ABR

Closing old cards is actually better for you. I have two cards from college still open and in use.

Sep 07, 2013 02:30 PM #14
Rainmaker
411,472
Nancy Laswick
REALTY ONE GROUP - Phoenix, AZ
Your Phoenix/Scottsdale REALTOR®

Harry, Congratulations on reaching 1 Million points, I can only imagine how much effort that took! I reallly enjoyed your post and wasn't aware of the 20% of maximum guideline.

Sep 08, 2013 02:20 AM #15
Rainmaker
660,812
Richard & Beth Witt
RE/MAX Wittney Estates 516-795-6900 www.longislandrealestatesearch.com - Massapequa, NY
Broker/Owner RE/MAX Wittney Estates Long Island NY

Great advice from "The Millionaire"... Good Job

Sep 08, 2013 09:46 AM #16
Rainmaker
1,493,767
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Checking for mistakes on a credit report is a great idea. You just never know what you might find...

Sep 10, 2013 09:00 AM #17
Rainmaker
722,187
Juli Vosmik
Dominion Real Estate Partners, LLC, Scottsdale, AZ - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Great tips, Harry.  Did you see the couple of article recently where the errors reported caused multi million dollar law suits against the companies reporting the errors?  Check well before thinking about buying a home - it really helps.  

Sep 14, 2013 10:41 AM #18
Rainmaker
899,837
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

This is excellent advice Harry.  Without good credit buying, and even renting a home, is going to be way more difficult.

Sep 14, 2013 05:39 PM #19
Rainmaker
1,432,896
Rebecca Gaujot, Realtor®
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Hi Harry, congratulations on making the AR million dollar club. All great tips for a good credit score rating.

Sep 21, 2013 12:42 PM #20
Rainmaker
2,022,106
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Congratulations on passing the million points level on ActiveRain. 

Happy Autumn!

Sep 24, 2013 07:17 AM #21
Rainmaker
339,802
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley R since 1976;408-565-8177

Harry-congratulations on the million point milestone.  And thanks for this valuable information that all potential home buyers need to know. 

Sep 24, 2013 07:32 PM #22
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Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie
Charles Rutenberg Realty - Palm Harbor, FL
Palm Harbor & Dunedin FL Residential Real Estate

Congratulations on getting over the million point hump here in the Rain!!!

Sep 26, 2013 04:15 AM #23
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Toni Weidman
Re/Max Sunset Realty - Trinity, FL
23 Years Selling Homes in New Port Richey, FL

Congratulatons on the MM under your photo, Harry. Great post too with all the pertinent info.

Oct 01, 2013 05:47 AM #24
Rainmaker
618,267
Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof
Keller Williams Realty - Flower Mound, TX
The Little REALTOR® That Could

Harry,

This is a terrific post and it's of great value to the consumer thinking about buying a home. Congratulations on your feature. Keep up the great posts!

Oct 08, 2013 08:53 PM #25
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Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9663

Great advice Harry, and so well written, I just wish that I could say that I have always followed these rules.

 

And, Congratulations on the milestone!

Oct 11, 2013 11:43 PM #26
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