This week’s Mortgage Genie, Brandon Nicely, tells us why credit scores really are important …

"There are several actions a person can take to impact their score, but here are a few to keep in mind.  If someone has a credit card with a high balance, while their remaining credit cards have low  or zero balances, it’s best to distribute the debt across the cards in order to change the ratio of debt to available credit.  Many consumers believe that they should close an existing credit card account if the card is inactive. It’s better to keep the account open and use it periodically in order to take advantage of its contribution to their long−term credit history.  With the flood of credit card offers that come in the mail, it may be tempting to open new accounts.  However, these "pre−approved" offers are not approved until the companies run a credit report which will temporarily impact the applicant’s credit score.  In addition, experts recommend that a person maintain between two to five credit card accounts, total, so it’s best to avoid accumulating too many.  There are several factors that contribute to a credit score. But by observing the tips above, as well as making payments on time and keeping balances as low as possible, a consumer is sure to achieve superior results."

And superior results can be had by calling Brandon’s office at 540-552-7150, or emailing him at brandon@alcovamortgage.com.