Good Credit, Bad Credit, Come One, Come All, Every Application Accepted

You've seen or heard the ads, but your Momma didn't raise a fool, now did she? When applying for credit, you wouldn't apply for a bad credit loan. But, your cash-on-hand and the condition of your credit report will determine the rate and terms of the loan, assuming that you qualify at all. If you do qualify, you may be required to pay such high interest that you'll never get the loan paid off.

Your credit worthiness, or clean credit, is based primarily upon your payment history, the type and number of open accounts, the age of your accounts, and your outstanding debts in relation to your income. This statistical analysis is expressed as a credit score between 300 and 900.

Each of the three major credit repositories weighs your Capacity, Capital, and Character using their own scoring model to determine credit worthiness.

You can improve your score, and your odds getting better credit terms if you will:

• Pay all your bills on time.
• Close all unnecessary accounts. Maintain your oldest accounts, provided they have reasonable terms.
• Hold off on applying for any new credit. Inquiries hurt your scores.
• Pay off or reduce the amount owed on accounts each month. Try to keep the balance on credit cards at 30% or less of total credit available.
• Do not co-sign loans. You are held responsible for any default.
• Begin a credit repair regimen. Handle this yourself, or involve the professionals at RMCN Credit Services today. We can help.

You may also like to visit these pages:

• Getting Credit Counseling - Credit counseling may help some creditors improve their credit scores.
• Boost Your Credit Score - Steps you can take to increase your credit score.
• Your Credit Report - Understand how a mortgage company company views your credit information.

RMCN Credit Services

1611 Wilmeth Road, Suite B

McKinney TX 75069