UNDERSTANDING CREDIT

 TIPS FOR A HEALTHY CREDIT SCORE

What can hurt your score?

 •Missing payments, regardless of the amount, will take 24 months to restore credit.

 •Credit cards at capacity/maxing out credit cards

 •Closing credit cards out, this lowers available capacity

 •Excessively shopping for credit

 •Opening up numerous trades in a short time period

 •Having more revolving loans in relation to installment loans

 •Borrowing from finance companies

Practices to improve your score:

 •Continue to make payments on time, older late pays become less significant with time.

 •Do not close credit cards because capacity will decrease

 •Slow down on opening new accounts

 •Acquire a solid credit history with years of experience

 •Moving revolving debt to installment debt

ITEMS THAT AFFECT YOUR CREDIT SCORE

Gina Myers

Office: 703.449.6808

Cell: 703.930.2009

Fax: 703.991.1486

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Intercoastal Mortgage Company

4100 Monument Corner Drive #220

Fairfax, VA  22030

Intercoastal Mortgage Company NMLS ID # 56323 | Intercoastal Mortgage is licensed by the Virginia State Corporation Commission, License #MC-375 | (www.nmlsconsumeraccess.org)