The Nuts and Bolts of Credit

Although I’m not a mortgage banker, I have taken several classes to determine how to get and maintain good credit.  Here are a few things that you can do to help your credit:

  1. Credit score repair/building begins with your credit report. If you haven’t already, request a free copy of your credit report and check it for errors. Your credit report may contain errors that could be used against you.
  2. Get a credit card from the big “4” credit card companies (Master Card, Visa, Discover or American Express)
  3. Late Payments are the worst thing that you can do to lower your credit rating.
  4. You do not have to carry a balance to build credit.  In fact, a balance under 30% is positive.
  5. What happens if you co-sign for someone?  It become part of your overall debt, which you are liable for.
  6. Co-signing for best used to help your child establish credit.
  7. Secured Credit Credits do not help you establish credit.  If you think about it, it makes sense.  You are actually paying for items like a gift card.
  8. Medical collections do not affect credit as much as think depending on the reason
  9. New accounts will lower your average account age, which will have a larger effect on your score.  Also, rapid account buildup can look risky if you are a new credit user.
  10. Be aware that paying off a collection account will not remove it from your  credit report. It will stay on your report for seven years.
  11. A closed account will still show up on your credit report, and may be considered in the credit score.

If you are not a cash buyer, your credit score does matter.  It measures the risk of a potential borrower has based on how he/she has handled their finances in the past.  Thus, it dictates the interest rate that you will pay for a new home or investment property.

I have a wide variety of real estate experience in both commercial and residential real estate in Florida.  If you are interested in buying real estate (home (new or presales), or an investment property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511) and I can help you find a new home in the Tampa Bay Area.  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

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