Gregg and Lisa Whitney understand credit score is a huge part of buying a home. Their partnership, also known as Whitney and Associates, has a proven, long-term track record of successful real estate sales in the La Jolla, California Real Estate Market. When selecting a La Jolla, California Real Estate Agent, Gregg and Lisa Whitney are the experts in La Jolla, California and they have provided this helpful information about credit scores specifically for you. Gregg and Lisa Whitney hope you find this article informative and interesting.
CREDIT SCORING MYTHS
- The more accounts, often the lower the credit score. This is not to say that someone with multiple accounts cannot have a high score, but generally speaking this is one factor that can affect credit score. However, if you are someone who has too many unnecessary accounts, although it is logical to think that closing a few will raise your credit score, it unfortunately does not work that way. Closing older accounts will make your credit history look younger, and will reduce your total credit available, both of which will hurt your score. This does not mean you should never close an account, especially if your score is relatively high, but simply keep these things in mind.
- Debt. The more debt a person has accumulated, the lower the credit score, as most are aware. However, there is a common misconception that getting your credit card company to lower your limits will automatically boost your credit. This is not true; it will negatively affect your score to narrow the gap between your debt and available credit. To increase your score, it is best to simply pay down your debt.
- Check your rating as often as you need to. Many people believe that the more often a credit score is checked, the lower it drops. This is false; it is actually better to check often, because this will guard against errors and identity theft, not to mention credit bureaus understand this.
- Shop for the best rate possible. Make sure not to drag out the process, but credit bureaus do usually give a two-to-four week window prior to major purchase for you to make rate inquires. It is a good idea to do some personal research prior to making these inquires.
- It is very, if not most important, to make sure you actually use your credit. It is impossible to build credit if you do not use it; therefore, you must establish a reliable credit history so creditors feel comfortable lending you money.
(Whitney and Associates Real Estate would like to remind you that this article is provided for information use only. It does not take the place of an attorney, a tax advisor, or an accountant. Always seek out the advice of a licensed professional before undertaking any significant change in your financial situation.)
At Whitney and Associates, we are the right choice for the buying or selling of a home in La, Jolla, California.
Have any questions or like to learn more? Use our handy form on the side of the page to contact Gregg and Lisa Whitney. You will see that we only require your email address. Gregg and Lisa Whitney understand that your privacy is important to you and we respect that. We do not share your information with anyone without your permission.
Gregg and Lisa Whitney realize that you are probably in the information gathering stage of your process, and we want to provide assistance to you in any of your La Jolla, California Real Estate needs. If you would like to talk to Gregg or Lisa Whitney in person, feel free to call Whitney and Associates at our main line at 858-456-3282.