Yes, there are ways to improve your credit but before you do, please ask the opinion of your financial adviser.These tips come from a local company, Andorra Credit Repair. If you want more information on how to improve your credit, log on to www.AndorraCreditRepair.com

• FICO, Who Cares…? A poor FICO score means paying higher interest rates on everything from mortgage rates, auto financing to department store credit cards. It's all in the numbers. Over thirty years on a $150,000 mortgage, you will save an extra $70,000 by paying an extra 2% on your mortgage. That's almost $200 per month for thirty years!

•  Did you know… The three major credit bureaus have no responsibility of verifying any information that goes o to your credit report. That's right! Inaccurate, erroneous and unverifiable items can be added without your knowledge. Contact the credit bureau if this should happen to you.

• Is it a good idea to pay off old Collections and Charged Off accounts?
  If you pay off a Collection account that has been on the credit report for 5 years (it will fall off by itself in two years whether you pay it or not) you will update the DLA (date of last activity) and it will stay on your credit for an additional 7 years. This generally will lower your credit score for the short term.
  However, if you pay off a Collection or Charge Off account that is 12-24 months old you can dramatically improve the credit score.

For any real estate questions, please contact us at 602.687.9933 or Info@MetroRealtyphx.com .