How do I optimize accounts to raise my credit score?

To properly view this site, javascript must be enabled and Flash version 9 or higher must be installed.
Get the latest Flash player
  • What is credit?

    In this video, Vikki Frank, Kandance Beamon, and Linda Stroman, financial education providers describe several key areas to address regarding debt reduction and elimination.

  • What is a credit score?

    In this video, Vikki Frank, Kandance Beamon, and Linda Stroman, financial education providers describe several key areas to address regarding debt reduction and elimination.

  • How to Repair your Credit

    In this video, financial planning professional and member of the Financial Planning Association®, Cal Brown, MST, CFP®, describes the four important steps to improving your credit.

  • Checking your Credit Report

    In this video, financial planning professional and member of the Financial Planning Association®, Cal Brown, MST, CFP®, describes the four important steps to improving your credit.

  • Improving your Credit Score

    In this video, financial planning professional and member of the Financial Planning Association®, Cal Brown, MST, CFP®, describes the four important steps to improving your credit.

  • How to Read & Correct Credit Report Errors

    In this video, financial planning professional and member of the Financial Planning Association®, Cal Brown, MST, CFP®, describes the four important steps to improving your credit.

  • What is the overall best credit mix?

  • Who uses credit scores?

  • Understanding Credit Scores

  • What is debt?

    In this video, Vikki Frank, Kandance Beamon, and Linda Stroman, financial education providers describe several key areas to address regarding debt reduction and elimination.

Markita Aldridge
Mortgage Consultant, WestStar Mortgage
www.thelendingadvisors.com  
703-497-3936

Markita has been called :The Queen of Mortgage Financing especially after a BK". Since 2002, Markita has been a top-producing loan officer with WestStar Mortgage located in Lake Ridge, VA. She offers her clients expert service in mortgage financing regardless of credit history. Markita's former career as a professional basketball player with the "Washington Mystics of the WNBA" has been her foundation for creating a TEAM atmosphere when dealing with her mortgage clients. She truly believes Together Everyone Accomplishes More! You can visit her website at <a>www.TheLendingAdvisors.com</a> for more information and several FREE mortgage reports that reveal lending secrets other mortgage bankers don't want you to know!

How do I optimize accounts to raise my credit score?

 

This expert: 28,412 views

This series: 9,064 views

Print

Transcripts

Host: How do I optimize accounts to raise my credit score?

Markita Aldridge-Woods: The way to optimize your credit score is basically, is you don t want to have one card with a high balance, like your balance outstanding because remember that s 30% of your score, let s just say, they give you a high credit limit of $3,000, you don t want to have a maxed all the way up to $3,000. It would be better to have three cards with a $1,000 each on it versus putting everything on one card and people try to do that. I call it credit card arbitrage, where they just try to change around and switch balances or consolidates debt into one credit card and they mess up their available credit mix and their ratios there. So, it's better to have your balances spread over a few cards versus just having a high balance on one card.

Other Videos

  • What should a couple do about savings? In this video, David Marotta shares some tips on savings for couples--one of the biggest sources of relationship conflicts!
  • How to Handle a Tight Budget The tight economy is putting a squeeze on everyone&#39;s wallets these days, and you may be looking for some reliable sources of extra money. Personal finance experts Ken &amp; Daria Dolan of Dolans.com&nbsp;reveal a few options, including which ones you should avoid.
  • What about the use of credit cards? In this video, David Marotta discusses why it's important to agree in a marriage how finances are handled, and what the five principles should be.
  • Why are interest rates so important? In this video, Vikki Frank, Kandance Beamon, and Linda Stroman, financial education providers describe several key areas to address regarding debt reduction and elimination. This video is designed to deliver basic financial information to assist individuals and families to be able to identify goals and process strategies for their specific financial needs. The topics included in this video cover are: self-evaluation of debt load, budgeting strategies, understanding the effects on your credit and scores, why savings is important, how to develop a debt elimination plan, and the importance of financial education and how financial counseling may be useful.
  • What types of mortgages are available? In this video, mortgage advisor, Jeff Thomas describes how to purchase your first home and the process you must go through to obtain a mortgage. This video is designed for first time homebuyers and also provides valuable information to indivduals who have purchased a home in the past. This video includes an overview of the four parts of a loan file, mortgage jargon, the loan process, house hunting, the types of mortgages available and the 7 steps on how to manage your mortgage correctly.
  • Improving your Credit Score In this video, financial planning professional and member of the Financial Planning Association®, Cal Brown, MST, CFP®, describes the four important steps to improving your credit. This video is designed for individuals who have poor credit and are looking for tips to improve their credit. This video series includes an overview of checking your credit, reading and correcting credit reports, improving your credit and getting out of debt.