How to increase your clients credit score & close more l

EZCreditRepairPro · Joined: 20 Dec 2007 Posts: 1

Credit Repair can work for you and your clients.

There are many factors that affect credit score. Since we are all in an industry that relies heavily on credit scores, it is very important to understand how credit scores work and how to increase them.

Payment History = 35% of your credit score
Debt Ratio: Balance / Limits = 30% of your credit score
Length of credit history = 15% of your credit score
Types of credit = 10%
Number of Inquires = 10%

It is very important to have 5-6 revolving trade lines. If you don't have enough, you can borrow somebody else's credit by being added on to some bodies credit card as an authorized user (take advantage of this now because it may not be an option for much longer although there is much debate about FICO 08 ).

Never close out a good credit card. Once you do, you will lose the benefit of the positive score that the account is providing.

Keep your balances below 50% of the credit limits. (I would hope that we already know this but I am surprised to hear how many people don't.)

Do not allow people to pull your credit report unless absolutely necessary (again, I hope we all know this.)

Make sure you pay all bills on time. (very very obvious so why do I hear from people that their loan officer instructed them to not make their mortgage payment? You know who you are.)

I hope this information helps you close more loans. Maybe it will help some people avoid foreclosure.