THE RECESSION BROUGHT TO MANY, FOR THE FIRST TIME IN THEIR LIFE, A DAMAGED CREDIT HISTORY AND LOWER SCORES.
Adding insult to injury, many scoring models changed to give more ‘weight’ to credit card debt. If you were unable to expeditiously pay down your balances, or even worse default on the debt, your scores plummeted. Credit scores are calculated independent of income. Use of revolving credit is very important. Keeping your balance 30% or less of your credit limit, and paying balance close to zero as often as possible, has a big impact in building scores. This projects the image that you have your finances under control. You might be offered higher limits on your revolving accounts if the creditor likes what they see in your credit reports and as you use the account wisely. Another plus is having a long standing credit card. If you don’t use an account for an extended period of time it can become inactive and won’t be factored into your credit scores. Then there were the short sales, foreclosures, bankruptcy, collections and late payments. And, the mortgage MOD was elusive for most. Thankfully the recession is in our rear view mirror, however the results of that difficult time have created lower credit scores for many. We know how to deal with your credit report information and recover your scores!