Don’t fear your credit bureau … get to know it & embrace it!!
The most common misconception in finance we find: credit bureau’s. Raise your hand if you believe one of these:
1. I have my utilities (phone, cable, internet) in my name, so that establishes my credit.
A: (No Dice, only if it goes to collections friend!)
2. I am joint with my husband/wife/parents and use a credit card with my name on it, so that is credit.
A: (NADA, primary is responsible)
3. My Mortgage is on my credit bureau and that is reestablishing my credit?
A: (sorry Pal, mortgages aren’t on the bureau)
4. Bank Declined me, so I bought a pre-paid visa/ mastercard
A: (Nich Nicht here as well … your name isn’t even on the card!)
5. I must keep money owing on the card to keep credit establishing
A: (Wrong Hong again … paying it off every month is best!
6. If I have my broker or bank pull my credit bureau it will destroy my rating
A: (Erroneous on all accounts! It will only bring down couple points AND a broker only ever needs to pull ONE bureau as we can present that same one to each bank/lender)
As a service to their clients, a GOOD BROKER should take the time to both obtain your credit bureau for you AND review with you to ensure accuracy of each “trade line” (credit facility) while explaining area’s you can improve.
NOTE: if you’re thinking of buying in 4, 6 or even 8 months out … Get you credit bureau reviewed NOW!
*** nothing worse then finding out there’s issues that will take a month to fix and another 3 months for score to increase.
TIP: Want to avoid having to give a deposit down when setting up your Gas bill or other utilities???
HOW: Have your broker send a copy of your credit bureau, your score is above 680 most companies WAIVE THE $4-800 deposit !
Should you want to review your credit bureau, (for FREE of course as good brokers don’t charge) then simply submit
5 peices of information here on our fully secure site and will send a copy to you and review in person or by phone.
Why wouldn’t you want to know? IGNORANCE COSTS INTEREST.
Yours in mortgages and higher credit scores,