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Your Good
Credit - Part 2
Protecting your credit continues with the second in a four part series
on polishing your credit and keeping it in good shape. This month we
tackle the business of your credit report.
As of last year, you are now entitled to a free copy of your credit
report from each of the three major bureaus. When you have your report
in hand, read it thoroughly. Would you believe many reports have
errors so serious, you may be denied credit?
If the error is something small, such as a misspelling, you can call
or write the credit bureau. But if it is something more serious, a
certified letter with return receipt is in order. If you did miss a
payment, take care of it immediately. You have the option, also, of
writing up to 100 words to explain any discrepancy, although this will
sometimes backfire. Obviously, when you admit not making payments on
time, this additional information can hurt. And since it is all
entered into a computer, there probably is no live person reading your
beautiful essay.
If you feel an explanation may help your case, include any outside
proof you may have. Make copies of everything and mail the package off
to your credit bureau via registered or certified mail. Always keep
the receipt and a copy of everything. This is a paper trail that will
help you immensely. If you speak to someone on the phone, always get
their full name. Write it down along with the date and time you spoke
with them. It gives the conversation more credibility. You can stay
better organized by keeping everything in a folder.
To truly keep your credit rock solid, follow these rules:
1) Always pay your bills on time or ahead of time. Anything else can
be costly, not just in money, but will take a serious toll on your
good credit name.
2) Be careful about the accounts you open. It's best not to jump ship,
so keep your older credit cards current by using them occasionally.
And never fill out multiple applications for credit, looking for the
best deal. The same holds true with store credit for major items such
as furniture and appliances. These are often finance companies, which
may count against you.
3) Don't spend more than you make. Remember the rule, 'Just because
you can doesn't mean you should.' Creditors look at the ratios and
even if you pay off your card at the end of the month, large amounts
may make your ratio score look bad.
In a future month, we'll discuss your vulnerability and how to keep
your good name intact.
Copyright 2006 PropertySource Network |
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Jeannie Hamilton
ABR, CRS, e-PRO, GREEN, GRI, SRES
Broker/Owner
Hamilton Properties
1100 Deer Trail Road
Boulder, CO 80302-9437
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Office: |
303-443-9221 |
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Cell: |
303-817-9988 |
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Fax: |
888-449-3611 |
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Toll Free: |
800-443-9212 |
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Email: |
jeannie@jeannierealtor.com |
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Email
webmaster@jeannierealtor.com with
questions or comments about this website.
Copyright © 2012 Jeannie Hamilton, Inc
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Last Updated:
January 24, 2012
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