Credit Mistakes

The 10 Most Common Mistakes
People Make About Their Credit!
 
Mistake # 1
Getting your credit score from the wrong place
 
Buying your credit from the wrong place can give you a false perception about your credit standing.
 
Mistake #2
Not knowing your credit score or thinking you have a good credit score
 
Even if you have a 660 credit score, your credit score is not high enough to get the best interest rates.  Better interest rates come with a score of  720 or over.
 
However, if you are like most people with poor credit, you might be simply biding your time, waiting for the blemishes to fall off of your credit report. The bad news is it will take seven years to automatically be removed from your report!  There are ways to have things removed sooner and we will look into those for you.
 
Mistake #3
Assuming you have great credit because you pay your bills on time and in full
 
Many people do not understand the rules of the game, and end up hurting their scores by paying in full.  No credit is not necesarily good credit!  With the Credit Plus+ program you will know the right amount of debt to carry to have the highest credit scores.
 
Mistake #4
Failing to review your credit every year because you think pulling your credit will hurt your scores
 
It is true that too many inquiries by lenders will hurt your credit score. However, pulling your credit for yourself will not change your scores at all. When a lender pulls your credit, it will count as an inquiry. Too many credit pulls within a short time will lower your score, but inquiries count for only 5% of what makes up your credit score.
 
Mistake #5
Paying a bill that is reported in collection on your credit report
 
Actually, paying a bill in collection will lower your credit score. Recent payment history is far more important than your past.
Mistake #6
Applying for joint credit with your spouse
 
Married couples can strategically leverage each other's credit if they plan ahead and maintain separate credit. This is sometimes needed to get the best rate when buying a home.
 
Mistake #7
Not having a plan
 
Not creating a plan for maintaining your score is among one of the biggest mistakes that you can make. With Credit Plus+, we will help you develop a plan that will help you learn to live like a rich person . . . that is, be frugal and budget!
 
Mistake #8
Failing to check for errors in your credit report
 
Assuming your credit report is accurate is another big mistake you can make. The more credit you have, the more mistakes there may be.  A recent Federal Reserve Board studied 300,000 consumers' credit reports and  found that 46% were missing at least one credit card limit, an error that can harm a person's score severely. 25% had other errors that were serious enough to cause them to be turned down for a loan or a job.
 
Mistake #9
Paying cash for everything and thinking you don't need credit
 
Having no credit is as bad as poor credit. Eventually, you will need credit, and by becoming a cash-only citizen, you will prolong the period of time that your score is too low to qualify you for strong loans and good credit terms.
 
Even if you have filed bankruptcies, foreclosure or have had a divorce, you should have extremely deep credit roots within five years, and you could have a 700+ credit score in two years, as long as you follow a program.
 
Mistake #10
Waiting to improve your credit
 
Just because you are not ready to buy a house is not a reason to wait. Our program will teach you that everything revolves around those three numbers on your credit report . . . car insurance, being considered for a new job, and, just maybe, the person that you love might be putting off marriage because of your credit scores.
 
The Cost in Dollars of a Poor Credit Score

With low credit scores you will pay more,
regardless of what kind of person you are!

Real Estate Service Areas: Plainfield Indiana Real Estate, Indianapolis Indiana Real Estate, Zionsville Indiana Real Estate, Carmel Indiana Real Estate, Brownsburg Indiana Real Estate