Paolo asks…What are the top things I should focus on to maintain my good credit score?

Credit CardIf you keep these tips in mind – your credit scores should always be high.

  1. When possible, make automatic payments so bills get debited from your checking account at the same time every month.
  2. Pay on time – every month.
  3. Pay down credit card balances – pay more than the minimum payment.  You should stay under 50% of your available credit, even if you pay the entire bill every time.
  4. Do not close a credit card, even if you do not use it.  When you add up the balances of all of your outstanding debts and compare it to the credit limits –  there should be at least 50% credit available.
  5. Do not get tempted to apply for instant accounts at department stores, even if you get a savings.  In general, it is not good for your FICO score.

Our IN-HOUSE Credit Services Department can evaluate the credit report and offer personalized recommendations that could potentially improve a borrower’s credit rating.  This is a FREE service to ALL applicants of NOVA Home Loans!

 

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