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With the recent decreases in the Fed interest rates, some of you may be thinking about refinancing in the near future, or possibly entering the housing market for the first time. If so here are a couple tips to think about.

Today many lenders are penalizing you if your card balances eat up more than 35% of your available credit, compared with 50% in looser times. So to maximize your credit scores get your credit card balances under control, and for large purchases try not to obtain a monthly balance greater then 35% of your available credit.

Do you know how to protect yourself from identity theft? The first and most important step is to regularly check your credit report. You do not want to discover a problem with your credit history while you are in the process of a major purchase such as a new home, or refinancing.

You are entitled to one free credit report each year, from each of the three bureaus: Equifax, Experian or TransUnion. You can order all 3 at the same time or space them out over the year. To order your free credit reports visit AnnualCreditReport.com. This is the official site for ordering your free credit reports, please be careful not to use any other sites for this purpose. Another very good site, should you want to pay to obtain your actual credit scores is myFICO.com.

These free annual credit checkups were mandated by the Fair and Accurate Credit Transactions Act, signed into law in 2004 by President Bush. The law includes a number of provisions designed to fend off identity theft, which hits millions of U.S. consumers each year.

Sincerely,

MLSvideo.com
Associate Broker