Managing a Valuable Asset

People often take their own personal credit profile for granted until the moment they need to rely on it. Your credit history tells the story to lenders, employers, retailers, partners, and landlords of your own credit “worthiness” and could determine whether or not you get the financing or opportunities you need to better your life. Low credit scores and a derogatory payment history can result in loan declines, higher interest charges on credit cards, missed employment opportunities or other applications being declined. It’s important to maintain a healthy credit profile so you’re not left out in the cold during critical moments. Our network of lenders has very specific qualification guidelines that all applicants must meet. The reward to meeting those qualifications is an approval to a potentially substantial about of funding that could change ultimately change the course of your life for the better.

If clients don’t immediately qualify, here are some credit building strategies I’ve offered to help them qualify at a later date:

1. Check your credit profile online at least once a month to make sure there isn’t any fraudulent activity or other surprises that could adversely affect your credit score. A client recently found out that her husband had taken out thousands of dollars in credit cards for her under her name which dropped her credit score considerably.
2. Boost your credit score an average of 12 points simply by using the free Experian boost function. Log into Experian.com and follow the simple steps to track the payments of your utility bills.
3. Don’t allow companies to do a hard credit inquiry on your credit profile. This could bring your score down.
4. Keep your credit card utilization below 50% on each credit card or at least pay down balances as quickly as possible to get below 50%.
5. Pay your bills on time — even it’s to make minimum payments. Late payments or delinquents will negatively impact your credit.
6. It’d healthy and recommended to have at least 3 open and active trade lines— credit cards, retail cards, etc. You actually become more of a credit risk if lenders can’t see any activity on your. credit profile.