Credit Check

4 things that can hurt your credit

Consumers are feeling the pinch right now through the reduced availability of credit. If you are in the market for a new home, a car or even a cell phone, it is more important than ever to make sure your credit is in great shape.

Whenever you apply for any loan, an apartment or even a job, your credit is scrutinized to asses if you are a "good credit risk." If you have a low credit score or a rocky credit history, you will see it in higher interest rates that can cost thousands of dollars more than someone with good credit.

The first step to keeping your credit in good shape is to check your credit report. Some things to look for include:

* Errors on your report
Credit report errors are surprisingly common and can take months to correct. Regularly monitoring your credit report can help you catch mistakes early.

* Debt-to-credit ratio
If you are maxing out your credit cards, lenders take this as a sign that you are borrowing as much as, or more than you can handle. Keep your balances at least 50 percent below your credit limit.

* Late payments
Making all your payments on time means you avoid a black mark on your credit report and can save you hundreds of dollars in late fees.

* Old accounts
Consider leaving old accounts open even if you don't use them much anymore. The length of your credit history is a factor in your credit score so it pays to keep accounts open.

We can assist you with building a home, obtaining a loan for either construction or the final purchase of a home. Give us a call at 763-784-3400 or visit our website at http://www.contractorscapital.com/ for more information.