I’ve talked a lot about the changes in Real Estate and Loans in my previous blogs. Today, I want to talk more about your credit and how it affects your daily life.
Most people don’t realize the power of the credit score. It can determine the rates and terms you will be charged on auto loans, mortgages, credit cards and whether you will be approved for things like insurance and a cell phone. Your credit score could even be the determining factor on whether or not you get a job.
Today I find myself in awe of those who pay attention to the little things when it comes to your credit report and credit scores. I had a client call me and ask if she should be alarmed that her score went down five points. She said that she had been making her payments on time, every time and that she expected her score to be higher, not lower. I told her to review the current credit report side by side with the previous report and let me know if there are any changes or differences. Low and behold there was one change. The credit report revealed that there was a new inquiry. The client said that she hadn’t open any new lines of credit, but that she was shopping for a lower rate. You should note that inquiries tell prospective creditors that you are shopping for new credit. An inquiry can reduce your credit report scores from 0 -10 points. If you lump all inquiries together within a reasonable period of time (two weeks), you will benefit by having only one negative mark on your credit report in lieu of multiply hits. This works especially well if shopping for an auto loan. This helpful hint could allow you to purchase what you want, when you want along with keeping your credit scores in tacked. Keep your inquiries together my friends and keep your credit score soaring.
Don’t forget to go to www.TheCreditLady.info for more information and buy your copy of “How to Make your Credit Score Soar” by Julie Marie McDonough
