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Good Credit Beyond Loans

[caption id="attachment_456" align="alignleft" width="300"]Credit Picture by Stuart Miles[/caption]

Did you know that credit scores are not just used to approve a loan or credit card application.  Utility companies, cell and home phone services, private student loans, home and auto insurance and rental properties use credit reports to determine the amount of a security deposit required.  The security company ADT is now using software to filter out customers who may not be able to pay their bills.

A credit score of 720 is considered good.  Lenders may use their own guidelines in determining what is considered good so maintaining a high credit score is important.  There is no sure fire way to improve and maintain your credit score but the following will definintley help in building credit.

  • Pay bills on time – use an accounting software with reminders or setup automatic payment so there are no missed due dates.
  • Keep credit card balances low – refrain from “maxing” out a credit card or reaching the credit limit. Try paying off the full balance each month.
  • Apply for needed credit only – lenders may think your financial situation as changed if you have many credit cards with open balances which lowers the chance of approval.
  • Cancel credit cards – consider cards that have a high interest rate or annual fees. Simply cutting up cards is not sufficient.  Call the credit card company to confirm a zero balance, request cancellation and write a letter for good measure.
  • Credit history – the past dictates the future. The longer you have good credit the higher the credit score.

Monitor your credit score frequently.  Many credit card companies provide free credit scores and also track credit history.  All three credit reporting agencies provide free credit reports annually.  Simply follow the instructions on their websites – Equifax, Transunion and Experian.  Credit reports will also show if you have been a victim of fraud or if a lender made a reporting error to the reporting agency.

We know that life happens and personal and financial situations change; whether due to unemployment, divorce, death and other emotional and unexpected events.   Know that assistance is available to determine the most effective path to debt relief and to protect your assets.  Ronald A. Luzim learns and understands the unique needs of each client and offers personal service for each case.  He is a former estate and tax attorney with the IRS has been practicing law since 1974 and specializes not only in estate planning but real estate, family law, asset protection and bankruptcy.   In addition as a practicing state certified mediator, Ronald brings experience, expertise and empathy to your legal matter.   Please contact his Coral Springs office at 954-755-1500 for assistance in protecting yourself, family and property.

There is no substitute for experience.