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 Tips for Protecting Your Credit [Recommended]

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PostSubject: Tips for Protecting Your Credit [Recommended]   Tue Jan 05, 2010 5:53 pm

Tips for Protecting Your Credit [Recommended]
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1. Open A Bank Account (Banks are picky. Having a solid enough rating to open an account at a top-tier/nationally ranked bank goes a long way in terms of boosting your credit rating as well as your credit worthiness/loan potential—and if fees are an issue, it’s an issue, lots of top banks still offer free checking & savings as well as fee deferment enrollment/depository programs for their clients who qualify for accounts.

2. Only apply for a card with your (personal/private) bank (For example: if you have a Merrill Lynch (c & s) account, apply for a Merrill Lynch Credit Card). Identity fraud offenders/scammers usually target those with excellent credit ratings, but you can protect your credit as well as identity from fraud if you limit yourself to credit cards issued from/by banks/vendors with whom you actually have an account. Micromanaging your accounts in this way will also improve your overall credit rating as well.

3. Complete your college education (unless you have a substantial net worth, lacking at least one degree at the baccalaureate level (at well respected 4-year-plus + institution) will lower your credit rating—although a substantial bank account will offset the lack of degree to a certain extent, you may still have to take other steps to display credit worthiness (such as shorter term loan and/or mortgage agreements with full repayment history and fewer instances of late payments on basic card balances, etc…)

4. Don’t break the law (a criminal history lowers your credit rating—also, avoid parking tickets and unpaid parking tickets, even nuisance offences can negatively impact your credit rating [(teens should avoid driving before the age of 18)] )—

5. House FIRST, Car SECOND. First-time homebuyers; When considering homeownership, it is important to buy your first home BEFORE buying your first car (it matters) Also, consider buying a mint foreclosed property, it will boost your rating and you may be eligible for additional homeowner/homebuyer supportive programs (avoid dilapidated purchases; unless you’re planning to rebuild/demolish, a condemned purchase can greatly hurt your credit rating as well as negatively impact the way potential lenders view your credit/loan/risk worthiness as a potential client).

Enclosures: JJFGroup™ Editorial (JJ-R) *All Rights Reserved* 2010
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