Credit Scores...What Do They Mean?

A credit score is a numerical evaluation of your credit record and provides a history of your past ability to repay debt. When you apply for loans, life insurance, employment, security clearance or other opportunities, the evaluating agency may request a copy of your credit report.

What Helps:
Pay bills on time
Maintain a maximum of 2-4 credit cards
Close unused credit or store cards
Keep balances below limit
Pay more than the minimums
Establish long-term credit history
Review your credit report every twelve months for errors.

What Hurts:
Too many credit cards
High non-mortgage debt
Delinquent accounts
Frequent job or address changes
Bills marked uncollectible
Bankruptcy

Your Credit Score:
In general, lenders use your credit score to determine the interest at which they can provide you a loan, and many offer special programs designed to qualify high-risk applicants.

Score 700-850 Low Risk
Score 550-699 Medium Risk
Score 300-549 High Risk

Solving Your Credit Problems:
There are a variety of ways to begin improving your credit. Remember, there is nothing that a credit repair company can do for you that you cannot do for yourself at little or no cost.

* If you are having problems paying your bills, contact your creditors and arrange a modified payment plan. Don't wait until your account has been turned over to a debt collector.

* If you want to contest a credit report, bill or credit denial, contact the appropriate company in writing. Send only copies of appropriate documentation and mail it "return receipt requested."

* Be skeptical of businesses that offer instant solutions to credit problems.

* Never give your credit card account number, bank account information, or Social Security number over the telephone unless you are familiar with the company and know why the information is necessary.

* If you need help resolving credit problems, you may want to contact a credit counseling service. Nonprofit organizations in every state counsel consumers in debt and can arrange repayment plans that are acceptable to you and your creditors.

To learn more about your credit score, contact your mortgage professional. If you would like the names of two or three knowledgeable mortgage consultants whom we can recommend, just let us know. You can either call or email your request.

(The above information has been provided through the kindness of Jane Brown, Account Executive, Title America.) 

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