Being a Business Owner

Being a Business owner has a ton of rewards but it also comes with a ton of challenges. Always hold your head up and move forward regardless of any obstacles that you may face. Life isn't easy so why should being a business owner be any different. Hold on to life's challenges and changes. Today is a better day than yesterday because yesterday is gone...

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MORTGAGES

It is common after marriage to buy a home and this is when a spouse's credit score is most critical. If the mortgage is under both names the bank will check both credit scores. The lender may take an average of the two scores or use the lower score. If your score is 780 and your spouse is 580, it probably makes a difference.

USE CREDIT CARDS STRATEGICALLY

Credit mainteance is not crdit abstinence. Use your credt cards on small purchases because ativity is a factor in setting your FICO score. Use your credit card to pay at the restaurant, but pay the balance in full to keep your account active. Do not close old credit card accounts because it shartens your credit histor and lowers your score.

HIDDEN COSTS OF BAD CREDIT

There is no comparison of how much a mortgage interest would be for someone with a 550 credit score vs. a score of 750 higher. Why? With a score that low you are unlikely to get a mortgage. However the diffrence between a score of 620 and 750 is approximately 2% or 6% vs. 4%

BUILDING CREDIT

Keep your accounts in an active status and use the credit cart at least once a month. Most lenders want t see at least a year of activity before offering you services. Get a secured credit card and use it instead of cash. You apply your own cash to secure the card and your charge limit amounts to what you put on the card which is usually a minimum of $300.

YOUR CREDIT SCORE IS NOT

Your credit score ignores your age, salary, and occupation. It does not take into account financial gifts, support you receive or your financial assets. Credit scores are less important for borrowers who seek loans that take these factors into account.

CREDIT SCORE AND PAYMENT HISTORY

A long history of making payments on time is one of the most important items lenders consider before approving you for credit. Accounts opened for 10 years or more will help your score and improve the average age of all accounts.