Credit Scores Take a Turn for the Gutter--Austin, TX

OK, really.  A big part of my job is reviewing and analyzing credit reports on a daily basis.  And WOW--lately, I have seen more bad scores than I did back when subprime loans were still around!  I mean, I get it--Economy has taken some big blows.  People are maxing out credit cards and financing cars for like 96 months.  And the car dealership sends the auto loan application to every bank they can think of which dings credit scores due to excessive inquiries.  Note to self--go to car dealership with a car loan approval from your bank if you want to spare yourself of this insanity!  I think people need to be as educated as possible on how credit works.  This will avoid making me fall out of my chair when I pull the credit report and feel terrible because I have to send someone to credit repair!  People, keep those balances at under 50% of the credit limit on revolving accounts.  Keep accounts open even if you have paid them off--history helps you!  Have a loved one add you as an authorized user on a credit card that has strong payment history and is ideally over 24 months old (the older the better!) to add credit depth.  Avoid collections at all costs.  The creditor will sell the collection to one company who will sell it to another and on and on.  Basically, the account will haunt you way longer than you would think.  And a paid collection is still a collection and still hurts badly.  Let's clean it up, friends!