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

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Rainmaker
122,265
Susan Jacobsen
WOW Service locating your lowcountry dream home
Carolina Realty Group

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

September 07, 2013 10:52 AM
Rainmaker
597,666
Nancy Conner
Olympia/Thurston County WA
Managing Broker - City Realty Inc
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!
September 07, 2013 11:04 AM
Ambassador
1,010,201
Harry F. D'Elia
Investor , Mentor, CSSN, Radio Coach, REOs, ABR
Precision Real Estate Inc.

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

September 07, 2013 11:18 AM
Rainmaker
191,987
Jay & Michelle Lieberman
Creating Calm in the Buying and Selling Chaos
Keller Williams Realty - Westlake Village, CA

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.

September 07, 2013 11:41 AM
Ambassador
1,287,899
Praful Thakkar
Andover, MA: Andover Luxury Homes For Sale
Keller Williams Realty

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.

September 07, 2013 11:55 AM
Ambassador
1,158,481
Tammie White
TW Realty Group, Franklin TN, South of Nashville
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net

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

September 07, 2013 12:41 PM
Rainer
63,597
Steve Roake
Nextage Realty Solutions

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

September 07, 2013 01:36 PM
Ambassador
1,010,201
Harry F. D'Elia
Investor , Mentor, CSSN, Radio Coach, REOs, ABR
Precision Real Estate Inc.

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

September 07, 2013 02:30 PM
Rainmaker
393,157
Nancy Laswick
Your Phoenix/Scottsdale REALTOR®
REALTY ONE GROUP

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.

September 08, 2013 02:20 AM
Rainmaker
593,101
Richard & Beth Witt
Broker/Owner RE/MAX Wittney Estates Long Island NY
RE/MAX Wittney Estates 516-795-6900 www.longislandrealestatesearch.com

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

September 08, 2013 09:46 AM
Rainmaker
1,438,778
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Long Island Condo & Home Sale Specialists
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803

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

September 10, 2013 09:00 AM
Rainmaker
704,022
Juli Vosmik
Scottsdale/Cave Creek, AZ real estate 480-710-0739
Dominion Real Estate Partners, LLC, Scottsdale, AZ

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.  

September 14, 2013 10:41 AM
Rainmaker
881,459
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

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

September 14, 2013 05:39 PM
Rainmaker
1,370,034
Rebecca Gaujot, Realtor®
Lewisburg WV Real Estate, Greenbrier County
Coldwell Banker Stuart & Watts Real Estate

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

September 21, 2013 12:42 PM
Rainmaker
1,881,207
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

Congratulations on passing the million points level on ActiveRain. 

Happy Autumn!

September 24, 2013 07:17 AM
Rainmaker
338,151
Lloyd Binen
Silicon Valley R since 1976;408-565-8177
Certified Realty Services

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

September 24, 2013 07:32 PM
Ambassador
1,722,118
Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie
Palm Harbor & Dunedin FL Residential Real Estate
Charles Rutenberg Realty

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

September 26, 2013 04:15 AM
Ambassador
1,238,785
Toni Weidman
23 Years Selling Homes in New Port Richey, FL
Re/Max Sunset Realty

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

October 01, 2013 05:47 AM
Rainmaker
574,409
Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof
The Little REALTOR® That Could
Keller Williams Realty

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!

October 08, 2013 08:53 PM
Ambassador
890,353
Bob Crane
Forestland Experts! 715-204-9663
Woodland Management Service

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!

October 11, 2013 11:43 PM
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Harry F. D'Elia

Investor , Mentor, CSSN, Radio Coach, REOs, ABR
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