You Want To Buy A Home-Take These Notes Down

Real Estate

Are You Damaging Your Credit Without Knowing It? Buying A Home Soon?

Paying your bills? Yes? Even though you are, there's still a great chance you could be damaging your credit. Your good credit score could be chipped away little by little. The weird thing about it is, they're things you really wouldn't think of. Let's take for an example an unpaid parking ticket or an overdue library book fine. Yep! that's right! It could definitely impact your score when reported negatively. 

Here's another example; how about opening too many accounts. Who'd of thought that could be a negative factor. Yep! Having too many new accounts open in a short amount of time will definitely cause a dip. Next up----closing accounts. Just because you pay them off doesn't mean you should close them especially if you've had the account for a long time. Tenure within accounts is a positive factor and just the opposite, closing that same account because it now has a zero balance could cause a negative hit on your credit score. (Kudos to you for paying it off)

Although we all have great intentions when one joins a gym, believe it or not, it has proven to be one of the most common and overlooked payment, until you receive notice regarding a past due payment. Hmmm..Perhaps you left the gym without contacting the staff to stop your membership payment; so you had your bank stop payment instead. This happens all the time.
Yep! the account can be turned over to collections for non-payment and breach of contract. So, just make sure you're paying attention to those little nuances. Those small things can put a thorn in a borrower's side quick.

Key Point:  Don't carry a large balance on your accounts past 12 months if you can help it as your unpaid and outstanding debt accounts for 30% of your credit score. Learning how to create good spending habits is just one powerful aspect of managing your credit. Email us at for a FREE Budget worksheet. Get connected by emailing us at