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About Credit Reports

Credit scores are used by everyone for everything today. Do not let your credit get bad. Credit can be repaired, but it is easier to keep it in good standing - if possible.

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How to establish credit and have good fico scores

  • Open a bank account.
  • Have a few credit cards.
  • Do not max credit cards.
  • Keep balances low and all but one at $0. Try using one at a time and switch off between.
  • Charge but make payments on time. Make ALL payments on time including utility and cell phone bills.
  • Do not overdraw bank account.
  • Do not let anyone borrow your credit card(s).
  • Do not give your number out.
  • Do not take cash advances.
  • Remember a $10,000 credit card limit does not mean you have an extra $10,000.
  • Join a credit watch program.
  • Check your credit report a few times a year. Make sure there are no surprises.
  • Do not close your oldest credit account.
  • Be SMART

When applying for a real estate loan

  • Do not apply for a new credit of any kind.
  • Do not close credit card accounts.
  • Do not max out credit cards.
  • Do not consolidate your debt into 1 or 2 credit cars. This gives you a high balance on those.
  • Stay current on existing .
  • Use credit as normal and as explained above .

About FICO scores

A FICO score is a credit score. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Mortgage lenders, utility companies, cell phone companies and even applying for a rental use this scoring from the 3 major reporting agencies. Scores are calculated using a mathematical algorithm and different points are given to each aspect of credit. Follow some of the tips above to help keep a good score.

Clark Howard

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Flagstaff AZ Real Estate Services

Village Land Shoppe, Inc - Your Flagstaff Arizona Homes & Land Specialists
3361 Kachina Trail / Flagstaff, Arizona 86005 / (928) 525-1125 / Fax 525-9284
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