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Understanding Your Credit Score

by Wendy Moreira 08/04/2019

Your credit score can be a vast unknown when you are starting out in life. When you are just beginning you may not know what factors the financial world considers to calculate your creditworthiness. At this point, you are what the credit reporting agencies call credit invisible. To create a credit score, you will need to take your time and remain intentional. Websites like Nerdwallet.com and Annuity.org have information to build your credit score and financial health. Take your financial health seriously and be proactive about getting the information you need to create a stable future.

Annual Credit Reports 

A good starting point is to order your credit reports from all three reporting agencies. You get a free one from each of them every twelve months. An easy way to remember to check on your report yearly would be to order them on or near your birthday. If you find errors on any of the reports take the time to have the reporting agency, make corrections; then follow up. Next step in creating a credit score would be to open a secured credit card. This type of card is a credit card where the credit limit is equal to the amount of money you deposit. Your neighborhood bank or nearby credit union that you have your current accounts with can help you. 

Another way to build your credit is to take out a small credit builder loan. These credit-builder types of loans are designed to help you start developing a credit history. You can find them at credit unions and smaller community banks. When you take out this kind of loan, the money sits in an account, not accessible until paid in full. Make your payments on time and the financial institute reports those on-time payments to the credit reporting agencies. Once paid off the funds plus any interest is released to you. You now have the start of a credit score and perhaps a small emergency fund or start to a down payment.

Keep These in Mind

The essentials of building your credit score are:

- Making timely payments

- Keep your balance 30% or less of your available credit

- Monitor your credit reports

- Be patient

Time is your friend when you are just starting. By being patient and diligent, you will see a steady climb in your numbers. Like diet and exercise, financial health is only achieved by ongoing healthy habits. 

 If you have not ordered your credit reports in the last 12 months, order them this week and see where you stand.

About the Author
Author

Wendy Moreira

QUALITY OF LIFE

Quality of life is one of the reasons my husband and I moved our family from Pebble Beach, California to the beautiful Carson Valley in 1997. That move for us was exciting, challenging and has been extremely rewarding in all aspects of our lives.  

Regardless of your real estate needs or what stage of your life you are enjoying, I would love to show you around the Carson Valley and share with you all of the reasons it is such an incredible and very special place to live. It would be my pleasure to help you find your new "forever home" here in the Carson Valley so that you too can enhance the quality of your life and wake each morning to the breathtaking views of the Sierra.   

My Mission

In 2003 I became a licensed real estate agent in Nevada and since that time my commitment to my clients and my career in real estate has been 110%.

Each and every day I am committed to working diligently on behalf of my clients and customers, helping them to achieve their real estate objectives and dreams whether they are selling their current home or buying their new “forever” home.  

My goal is to make every real estate transaction an exciting, trouble free experience, keeping you informed each step of the way through the buying or selling process and hopefully having a bit of fun along the way.  

I am dedicated to representing my clients in a straight-forward, honest and professional manner. To providing true comprehensive customer service, strong representation and excellent agent/client communication.

As your agent I provide in depth knowledge of the local neighborhoods, current information on the ever changing real estate market and strong negotiating skills.

Accomplishments

100% Club awards, Executive Club Awards, RE/MAX Hall of Fame Award, RE/MAX Platinum Club Award. 

Qualifications, Experience and Affiliations: 

Licensed Real Estate Salesperson, Member of the Nevada Real Estate Division since 2003. Member of Sierra Nevada Realtors and National Association of REALTORS®. SFR® Short Sale and Foreclosure Expert designation. 

Education

Attended Santa Barbara City College and graduated with an Associate of Arts degree in Administration of Justice. Prior to becoming a licensed REALTOR I worked for the Douglas County School District in Gardnerville and I am a former Police Officer with the City of Santa Barbara.