February 19, 2014

Why You Should Check Your Credit Score

Why You Should Check Your Credit Score

What’s Your Score?  300 – 850

Credit card companies and lenders rely on credit scores, which determine someone’s chances to borrow money – and how favorable the terms will be. Scores range from 200 to above 800. Scores below 620 are considered risky; 720 and over are excellent.

CreditCard_Check your credit score

 

 

 

There are five categories of scoring:

  • payment history (35%);
  • amount owed (30%);
  • length of credit history (15%);
  • new credit (10%);
  • and types of credit (10%).
Lenders receive your score and “reason codes,” which are the keys to improving your score.

 

Check your own score yearly by ordering reports from the three major credit scoring companies: Equifax (www.equifax.com), Experian (www.experian.com), and TransUnion (www.tuc.com).Notify the credit bureau of inaccuracies, along with copies of documents that dispute incorrect entries. Close accounts not in use. Request that late payments older than seven years be removed. Verify and update accounts and account numbers. Verify your address and Social Security number.

ManTo improve your score:

Pay your bills on time. Reduce outstanding debt. Build up your savings. Don’t fall for illegal schemes that help create a new credit identity.

Teresa Ryan

Ryan Hill Realty, a privately-owned real estate company, has served the Chicagoland area since 2001. Originally focused on Residential / "Premier Properties", we have added a Commercial and an REO/Foreclosure division, making it a full service brokerage for both Business to Business and Business to Consumer clients. Ryan Hill Realty's marketing is "Best-In-Class", creatively marketing each home for maximum exposure, and professionally serving every buyer during their home buying experience. Ryan Hill Realty attributes it growth and success to their commitment to delivering "Outstanding Service and Results", adjusting to the market and their client's needs, and their expertise in specific marketing strategies for serving "High End" Luxury Property clients, to First-Time Homebuyers, as well as Multi-Family and Investment clients. Ryan Hill Realty is also a "Woman Owned" Company and is committed to giving back to community with over 45 Realtors serving the 6-county Chicago Metro area. The company's mission is to deliver the ‘American Dream' by serving clients and community with passion and excellence.

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