Inevitably, at all seminars I do, the issue of credit is always a big pain in the gluteus maximus for many in the audience. Therefore check out 10 Worst Credit Card Mistakes to save yourself a few headaches in the future. If your credit has just had a myocardial infarction, following are a few quick tips to resuscitate it and/or keep it on life support if you're looking for a home in the near future...
- Don't close credit cards, just pay them to a zero balance or keep the balance low. Closing the card could drop your credit score.
- Don't pay off collections until you speak with your loan officer. Paying off old collections (greater than 6 months old) would be activating an old account and could drop your credit score.
- Don't apply for any credit or open any credit cards if your looking to purchase a home in the next few months. If a new credit account hits your credit report it can temporarily drop your score. If you appy and you're denied for credit...ouch! That's ugly.
- Don't go over your credit limit. You'll get charged with extra fees and a drop in your credit score.
- Don't, don't, don't make any late payments. If you do I'll kick and pout...this one should be obvious, I hope.
Finally, this Saturday, May 9, 2009 at 12:00, I will be presenting a homebuyer's seminar at 178 South 9th Street, Newark, NJ at 12:00 noon. The event is sponsored by the Mid-Atlantic Investment Alliance. The goal of the group is to revitalize the area and turn it into the next Black Wall Street. For more information on the event please call 973-277-6342.
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