Forum Posts

Gloria Vasquez-Melendez
Mar 10, 2021
In Business Forum
In this section, we will have opportunities to discuss credit, credit tips, and hacks and ask questions pertaining to our personal and business goals. I will frequently be posting information to help you meet your goals faster so you can change the narrative of your financial destiny. This forum is created with the purpose to support and empower the community through financial literacy. I am here to support you as much as I can. Please don't hesitate to reach out with any questions or book a free 15-minute consultation.
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Gloria Vasquez-Melendez
Mar 10, 2021
In Business Forum
MAKING A LOT OF MONEY WILL HELP YOUR CREDIT REPORT AND YOUR CREDIT SCORES. The fact of the matter is that your salary has nothing to do with your credit reports or credit scores. Your salary is important to lenders but not important in a creditworthiness way. A GREAT CREDIT SCORE IS A RESULT OF A CREDIT REPORT WITHOUT ANY LATE PAYMENTS. Paying all of your bills on time is a great start. Keeping your credit usage ratio to less than 30% of your balance keeps positive recording items on your credit report. In addition, having a mixture of revolving and installment accounts that are paid timely will increase your credit score. ALL THREE OF YOUR CREDIT REPORTS AND CREDIT SCORES WILL BE THE SAME. It’s a certainty that all three of your credit reports will be different and, therefore, so will all three of your credit scores. Not all of your accounts will be reported to all three credit -reporting agencies. You will most certainly have a different number of inquiries on your three credit reports. Lenders don’t always update their accounts on your credit reports at the same time. Because of this, your reports will be different. IF YOU HAVE POOR CREDIT THEN YOUR CREDIT SCORES WILL SUFFER FOR SEVEN YEARS. This is not true. Credit scores are dynamic, meaning they are constantly changing. This means that the scores are calculated based on your credit information at that time. If the information on your credit files changes tomorrow, then so will your scores. DEBIT CARDS CAN HELP YOUR CREDIT REPORTS AND SCORES. This isn’t true. Debit Cards are nothing more than plastic access to your checking account. PAYING OFF (OR "SETTLING") LATE PAYMENTS, TAX LIENS, COLLECTIONS OR JUDGMENTS WILL REMOVE THEM FROM YOUR CREDIT REPORTS. After late payments or other derogatory items have been paid and settled they will be updated on your credit reports to show "paid collection" or "released tax lien" or "satisfied judgment". CANCELING CREDIT CARDS BOOSTS MY SCORE Most experts agree that most creditors want to see at least two or three pieces of active credit to prove you can manage debt responsibly. Making sure that at all time your credit report is showing credit that is available that is greater than 70% of the available limit is where you want to be. CREDIT SCORES ARE LOCKED IN FOR SIX MONTHS Your credit score changes as soon as data on your credit report change. When a score is calculated, for all intents and purposes it then goes away and is recalculated the next time someone pulls your file. I DON'T NEED TO CHECK MY CREDIT REPORT IF I PAY MY BILLS ON TIME It’s been calculated that 80 percent of all credit reports have erroneous information ranging from a wrong birth date to accounts you never applied for.
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Gloria Vasquez-Melendez

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