Jean
Ralson-VanWitzenburg
Some facts about credit............... Parents pay close attention to Number
# 3...........My son had excellent credit because
when he turned 16 we did somethings...call me if you want to learn what do
to.!!!
Unmasking the Secrets of Credit Scores
So you want to buy a car or a house? How about getting a credit
card or a home entertainment center? You're not likely to be approved for a big purchase until the merchant has
checked your credit score. Do you know what factors go into your score? For
most, it's a complete mystery. Only recently has the long secret of how we are
graded and given credit scores been unveiled. Here's the breakdown: 1. Payment history -35%. If you're late on bills, your score will be
negatively affected. The more recent the problem, the lower your score. In fact,
a 30- or 45-day late payment right now is worse than a bankruptcy 6 years ago. 2. Outstanding debt
- 30%. This judges how close you are to your credit limit. A little amount owed
on a couple of different cards is better than almost at your limit on one. 3. Credit history -15%. No credit is almost the same as bad
credit. So for all of you parents out there, you might consider establishing
credit accounts for your children early on so they have a leg up when they go
out on their own. 4. New credit and Types of credit - 20%. One of the easiest ways to harm
your credit is by applying for too much new credit. The first step to increasing your score is to get a copy of your report and
fix any mistakes. Oh, and pay your bills on time.
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http://www.epa.gov/opptintr/lead/leadpdfe.pdf