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Contact EXIT Team Realty

If you have any questions or need more detailed information, please feel free to contact us via phone at 401.349.5000 or fill out the form to let us know how we can help with your real estate needs.

Office Location

375 Putnam Pike Ste 35,
Smithfield, RI 02917
Phone: (401) 349-5000
Fax: (401) 349-5099


Credit Scores and Credit Repair

Your credit score is a number based on the information in your credit file that shows how likely you are to pay a loan back on time – the higher your score, the less risk you represent. The credit score that lenders use is called a FICO Score. Your FICO score helps a lender determine whether you qualify for a loan and what interest rate you'll pay.

Credit Repair depends on knowing how to read your credit report and knowing how to deal with both Credit Bureaus and creditors. Repairing your credit requires you to deal with all of the parties involved. FICO scores provide a fast, objective measurement of your credit risk, which has a number of benefits for you.

FICO scores range between 450 and 900. Ratings are as follows:

Excellent: Over 750Acceptable: 660 to 750Uncertain: 620 to 660

Understanding what lenders view as good credit management, can help you build a strong credit history, improve your score and qualify for better loan terms. Your credit report shows the information you have on file at one or all of the three major credit reporting agencies - Equifax, Experian and TransUnion. Each of these credit reporting agencies maintain their information separately, so the data you have on file may differ between them.

Some things you can do to control your debt and repair your credit are; keep your credit card balances low. High debt-to-credit-limit ratios drive your credit scores down. You should try to pay off debt, don't move it around. Owing the same amounts, but having fewer open accounts, can lower your score if you max out the accounts involved.

Don't close unused accounts, because zero balance might help your score. Also, don't open new accounts that you don't need as a quickie approach to altering your debt-to-credit-limit ratios it can also lower your score. You can apply or shop for the same type of loan; such as a mortgage or car, within a two week period and it won’t drop your score when multiple people pull it for the same reason.

You should review your credit report from each credit reporting agency at least once a year and especially before making a large purchase, such as a house or car. Always pay your bills on time. Late payments play a major role in driving down your score. Try and keep your balances on credit cards to 30% or lower than the total credit available and try to keep credit card inquiries low.

If you have past-due bills now, get current and stay that way. Contact your creditors as soon as you know you will have a problem paying bills on time. Try to work out a payment arrangement and negotiate with them to keep at least a portion of the late notations off of your credit report.

If your situation is serious, see a legitimate, non profit credit counselor. Avoid the scam artists who promise a quick reversal of your credit problems.

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