Dana asked… How can I get and keep good credit?

In the big picture, you can get and keep good credit scores without ever paying a dime in interest or carrying debt. Isn’t that great news? It is best if you have a couple cards that you uses sparingly and pay off in full every month.

It’s is easier to obtain good scores if you have a mix of credit: revolving accounts (credit cards) and installment loans like a mortgage, auto loans and student loans.  Sometimes people who use credit accounts to dig themselves deeply into debt are unlikely to have good credit scores for long.

Credit-scoring formulas are extremely sensitive to how much of your available credit you’re using at any time, particularly on revolving accounts. Keep your  balances to limits at a maximum of 60% you should be safe. This applies whether or not you pay your balance in full. The balance reported to the credit bureaus is a snap shot of the account balances on the day that the credit report is pulled – so it may be before a payment has been made and it is usually 30 days behind the actual balance.

The key to having good credit scores is to have some and responsibly use your credit.

Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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