The Series on the July 2009 KW Report continues with tips from MyFico.com…

Important information to be aware of about credit scores:

1. Don’t be afraid to shop around for the best rate.  Multiple inquiries about the same type of loan only count as one request if done within a short amount of time.
2. During the process of qualifying for and obtaining a mortgage, play it safe and wait until after your contract has closed and the mortgage is secured to open new credit.
3. Checking your own credit score will not harm your score if you order reports directly through the credit-reporting companies.
4. Don’t open or close credit as a short-term strategy for improving credit. Open what you need, when you need it. Pay your bills on time
5. If you have not got a long history of credit, try not to open too many cards too quickly. This can lower the average “account age.”

For more information, check out: http://www.myfico.com/CreditEducation/ImproveYourScore.aspx

Source: myfico.com

Check back for the Final installment in this series: Seller Tips and the Local Market

Jennifer Mackay
850-774-6582
www.jennifermackay.com

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