Credit Limits

This is a blog about credit and maintaining your credit report. Garr Russell wrote this and he is not only someone I work closely with but also a good friend. If you have any questions you can contact him or myself.

Thanks Again

Greg


*Make sure your credit reports contain your proper credit limits.
Banks are getting sneaky!*

Some creditors and lenders do not report consumer credit limits. Instead they will only post the highest balance you have ever carried. Keeping proper credit limit information out of your file is not always an innocent oversight. It’s often done purposely by a bank to make you look less attractive to their competitors, so they won’t send you pre-approved offers. Worst of all, it lowers your credit score!

Capital One is famous for this sneaky tactic: Instead of reporting customers’ proper credit limits, they often only report the highest balance carried, which gives the appearance that you are closer to maxing out your card than you really are (which is bad for your credit score). Interestingly, we are told that FICO scores no longer use this information from Capital One when computing credit scores, but you may want to go through your credit report with a fine tooth comb to make sure that none of your other accounts are listed with inaccurate credit limits.

Generally speaking, the more available credit you have, the better you look on your credit report.

If you find that a lender is not listing the proper credit line on your account, and it’s not Capital One, you might want to call and ask them to report the right amount. Sometimes, it is their company policy not to report, but you certainly can try.


 Recently Denied Credit?
 Looking for Solutions?
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If you have any of the above needs CALL NOW and receive FREE ADVICE from one of our Credit Consultants. If we don’t offer the assistance you need we will refer you to a reputable company that does.

Sincerely,

Team garranteed

2757 44th suite #306
Wyoming, MI 49519
P: 616-530-4883
T: 888-330-4883
F: 480-287-8945
info@garranteedsolutions.com
www.garranteedsolutions.com

Welcome

This is my first blog, so I would first like to start by thanking everyone for taking the time to read this. I turned 27 today and I thought that this is a perfect day to start

If you hadn't figured out I am a mortgage broker in Grand Rapids, Mi. I spent a lot of time looking on the internet for blogs about mortgages. Honestly I didn't find any that made sense to me. I am don't claim to be an expert on a whole lot of things, but I mortgages is one of them. My goal for this blog is break the complexities of mortgages into something that everyone can understand.

I was thinking about what my first topic show be for the whole afternoon, here's what I came up with. I would like to start to talk about buying your a house. Most of us don't realize how big of a purchase this is, and how important it is to make sure that you have someone that is competent in doing it. People spend so much time trying to get the best deal that they forget to think about the quality of the person who is doing the work. If you were looking for a doctor would shop around and try to find the best deal. No you would find the one that is the most knowledgeable and is the best at that what they do. Same thing if you were looking for a lawyer or a dentist.

So I would like to end this with a thought. Buying a house will be the single biggest purchase of your life, make sure that everyone involved is someone that you would trust to help you make that decision

Thanks everyone and I look forward to many more blogs!!

Greg