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To all my friends and clients:


 Wishing you a joyous Holiday Season and a most prosperous and healthy New Year.


To buy a home and borrow money, one has to be credit worthy. It is necessary to have a good understanding about the credit score. A credit score reflects how you pay your debts. If indicates how you make your payments every month. The credit score is the judge of your credibility and also shows your affordability when opening new accounts. The lower your credit score, the higher is the interest rate the lender will charge you.


How does the score count work?


A credit score ranges from 300 to 900. The score count given to you can be either good or bad. Above 700 is excellent; from 500 – 699 is average and below 500 is poor. If you are in the last category, you can start to change your score.


How do you obtain a sound financial status?


It is easy to maintain a good credit score. You have to be careful with your finances and control it. Here are some guidelines:


·         Avoid opening short term accounts;

·         Pay your accounts every month on time;

·         Check your financial status on the credit report regular and sort out any errors that might occur on you credit report;

·         Multiple credit cards may result into confusion. This can lead to missing a payment.

·         Avoid too much of debts. Keep your debts to a balanced limit.

·         If you paid an account in full, avoid closing the account. This account can add to your credit worthiness.

·         Bankruptcy can harm your credit score tremendously. Avoid this option as far as possible.


Money is an essential point in your daily life and it is crucial to have a good credit score when you plan on buying a home. By monitoring your financial status and being careful not to misbehave when paying your every month installments, you can maintain a sound financial status

Published Tuesday, December 27, 2011 10:57 AM by Joe Prunty

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