7 Steps To Maintain A Good Credit Score!

    1.  The Unexpected: Prepare for these uncertainties and budget conservatively.Try to build a financial cushion to cover expenses for a month or two.


    1.  Build Golden Accounts: Golden accounts are the building blocks of your credit scores. A golden account is any account that is at least  6 years old and in good standing. Protect these at all costs. Do not fall behind on these accounts.


    1.  Continue to Build Your On-Time Payment History: Start by making sure all of your accounts have a perfect payment history for 12 months. Then make it 24 months. If you find yourself in a bind, contact the creditors BEFORE it becomes 30-days late and see if you can work something out with them.


    1.  Limit New Accounts: Once you have a few revolving accounts and at least one installment  loan on your credit report,limit the number of new accounts to no more than one per year.


    1.  Reduce Debt: When you can, pay down any outstanding loans you have. Shoot for a balance of no more than 30% on your credit cards. Then set a goal to 20% and so on. Try hard not to increase those balance but if you do, set a goal again to pay them down.


    1.  Know Your FICO Scores: When you set out to get a loan, the lender will be looking at your FICO Score. There are many credit scores sold today and most of them are educational scores, not FICO scores.


    1.  Be Smart In A Financial Pinch: If you find yourself in a financial pinch, pay off the debts that appear on your credit report first and negotiate with the lenders that are not reporting to the bureaus. It is important to contact them so that your account is not sold to a collection company.


Your Get Mortgage Ready Advisor is always available to assist you in building and maintaining your credit score.


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