Wanted to give you a few credit tidbits, and a heads up on Wednesday’s Fed meeting…
1) Did you know a single credit card late payment can ding your score by as much as 60 points?
a) Helpful strategy – set your payments up on autopay.
2) The quickest way to increase your credit scores are to decrease your credit utilization ratio. This is the amount charged on your accounts versus their total limit.
a) Best ratio is 10%. Certainly don’t go over 50%. (If limit is $1,000 try not to carry more than $100)
b) Another strategy is to ask for a higher limit to get your ratio more in line.
3) You can gain credit score points by paying off the credit card whose balance is closest to its limit. However, don’t cancel the account after you’ve paid it down.
The Fed has a big meeting on Wednesday. For a long time they have been hinting at limiting their asset purchasing, and if they are going to make an “official” announcement it’s thought they will do it on Wednesday.
Depending on what happens we could have a large impact on mortgage rates as well as in the stock market.
If the Fed says they will maintain business as usual look for mortgage rates to remain where they are or go temporarily lower. If they announce they are going to implement a reduction in QE then rates will begin to rise, and the stock market will go down.
So, there’s that…
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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