New credit reporting guidelines

By
Real Estate Broker/Owner with Prudential Preferred Real Estate

The credit bureaus are changing the criteria for how they generate your credit score.  Mostly, the changes are well overdue, but there are a few things to be aware of:

  1. smaller credit blemishes (under $100) will not affect your score as negatively as they used to.
  2. More open credit, but less balance on the card helps your score. that you carry a balance month to month does not matter as much, that your balance is a small percentage of your available credit does matter.
  3. If your credit card lowers your available credit, or closes an account you do not use but still have open, it hurts your score.

For more information take a look at:

http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/new-risks-to-credit-scores.aspx?page=1

 

 

Comments (1)

Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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Nov 17, 2017 07:30 PM