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Keeping Your FICO Score High Forever

Real Estate Agent with Keller Williams Realty

Keep your FICO High

Know before you Go! Buy or Refinance.

1. Pay all bills on time each month. 30-day late payment can affect your credit score up to 107 points.

2. Do not quit your Job while in a Real Estate transaction.

3. Do not open or close any accounts, Do not purchase an Automobile (while in a real estate transaction and or credit repair) .More...

4. If you pay off a credit cards or an equity line of credit, do not close the account.

5. Try to keep your credit card balances below 30% of the High Credit Limit for that card at all times. (Example: if my Visa has a Limit of $1000, than I would try not to exceed $300 owed on that Visa) This will help in keeping your score high.

6. Keep your credit cards active. If you carry No balances each month and if you hardly ever use your credit cards, At least spend 5-20 dollars every 4-5 months.

7. Do not have multiple inquires into your credit.

8. Avoid large money transfers from one account to another or large
deposits/withdraws before and during your Purchase/Refinance.

9. Avoid at all cost using a Consumer Credit Counseling Companies.
(CCC ).

10. Do not carry your Social Security Card on you; Keep in a safe location at home or safe deposit Box.

11. Share this information with your friends and family.

Good Credit = Great Dreams

Edy Kizaki
eXp Realty - Seattle, WA

Nice, Jill!  I'll pass this along to my buyers as a good rule book for working with loans, either buying or refi.  Thanks!

Feb 08, 2012 03:53 AM