Orlando Mortgage Loans

If you’re looking to raise your credit score, avoid these disasterous mistakes that can have a serious negative impact on your credit score ratings.

1. Do not ask a creditor to lower your credit limits. In order to maximize the effect of your balances to your available credit, never ask a creditor to lower your credit limits. This practice could potentially drop your score.

2. Do not transfer balances or consolidate your accounts. From the way credit scores are created, it is better if you have smaller balances on a few credit cards than to have one big balance on one card.

3. Do not make late payments. One late payment can drop even a prestine credit score by 100 points or more. Late payments hurt the great scores more than they do lower or average scores.

4. Do not apply for new credit if you already have enough. Opening new credit card accounts can have a negative imapct on your credit scores as newer credit tends to have that impact. If you are trying to recover from bankruptcy or a foreclosure on a mortgage loan, a great way to reestablish credit is to get an installment loan or even a secured credit card.

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