CREDIT RESTORATION TIPS!

Pay Off & Close? NO! Absolutely NOT! Of course, if you pay off and close a credit card account (or close and then pay off a card), that's another matter. Closing an account removes the credit limit on that card from the utilization calculation, which can potentially affect your scores by raising your overall debt usage ratio on your remaining open revolving accounts. In a sense, monitoring your credit score can be a lot like monitoring your blood pressure. If it's higher than usual, is that because of the last meal you ate, or the argument you had with your spouse, or because you took your last dose of blood pressure medicine earlier than usual? It may be a combination of all three, or maybe it's something else you not on your radar. It's the overall trend that's important. Are you bringing it down overall? The bottom line? Paying your credit cards in full can help you save money in interest and should not hurt your credit scores. But keeping accounts open and active can help your scores. As is often the case, you'll get the best scores by using credit — as long as you use it wisely. Knowledge is Power and Credit is King! #NoMoreExcuses