Matsco - http://www.matsco.com/library
Key Steps to Financial Success: Good Credit
http://www.matsco.com/library/articles/20/1/Key-Steps-to-Financial-Success-Good-Credit.html
N/A
 
By N/A
Published on 07/31/2007
 
Whether you’re buying your first house or opening your first practice, good credit is the key to all of your future financial investments.
Key Steps to Financial Success: Good Credit

Whether you’re buying your first house or opening your first practice, good credit is the key to all of your future financial investments.

Lenders consider several things about your business today and your future plans when making a credit decision. Your personal credit profile, however, is a key factor in granting credit. Here are a few steps you can take everyday to insure a healthy financial profile and help keep your options open for future investments that make good sense.

  • Maintain at least two or three revolving credit accounts (e.g. credit cards, lines of credit).
  • Avoid applying for credit with too many lenders. Multiple credit inquiries made within a short timeframe will negatively impact your credit rating.
  • Demonstrate that you know how to use your credit wisely by not using all credit available.
  • Make on time monthly payments on credit cards, mortgage, installment loans and student loans.
  • Remember, most service providers such as doctors’ offices, cell phone companies, health clubs, and others do report late payments and collections to credit bureau.
  • If you are in dispute with a creditor, continue to make minimum monthly payments while you work towards a resolution.
  • Notify creditors in writing of your address change.
  • Know that co-signing and/or guarantying a loan for a friend or family member has the same impact on your credit if you were the primary borrower.
  • Protect your identity. Review your personal credit report at least twice a year to insure accurate reporting of all accounts. Inform all credit bureaus of any discrepancies in writing.
  • Keep copies of all agreements, documents clearing judgments or liens, letters from creditors clearing incorrect information reported on your loan history.
  • Remember, all credit information stays on your records for up to ten years.

Your potential for success is in your hands.

For more information about maintaining good credit, or if you are ready to take your next step towards purchasing or building a practice, call your Matsco Financing Officer at 800.326.0376.