Facts About Your Credit Score

by Diego Raigosa 11/24/2019

When you want to buy a home, you know that good credit will be necessary. You may have heard some things about your credit score that just aren’t true. Read on to set the record straight on some of the most significant misconceptions about credit. 

Checking Your Credit Only Gives You Knowledge

Checking your credit score or report will not lower your score. The only way checking a score is damaging to a credit score is in the form of credit inquiries. This is when a lender, employer, or other merchant checks your credit in order for you to either gain employment or open a new line of credit. You have the right to review your score without it being impacted. 

You Shouldn’t Carry Balances

The best way to keep a high credit score is to use a credit card and pay the balance off in full each month. It’s a false belief that carrying a balance is an excellent way to increase your credit score. You need a low debt level to maintain a good credit score. 

Your Age And Income Have Nothing To Do With Your Score

It’s natural that older people who have a longer credit history have a better shot a good credit score, but your age has nothing to do with your score. It all depends on when you established credit. Some people started their credit histories early because their parents opened accounts for them. Others needed to wait awhile before opening their first credit card account. 

Your income also is not a factor in determining your credit score. It may be true that if you have a higher income, it’s easier to stay out of debt, but the amount of money you make has no direct impact on your score. 

You Cannot Access Your Credit Score For Free

You have a legal right to obtain a free copy of your credit report once a year but, your credit score isn't included in this report. There are free services that are outside of your credit report that will give you your credit rating, but you need to search for them. It’s a good idea to check your credit report periodically, but you should also know your score especially if you're getting ready to make a big purchase such as buying a home.

Your Credit Matters More Than You Think

While you know your credit score matters when you head to get a home loan, you may not know just how many entities take your credit into account when you apply for them. Some things you may do where your credit score matters:

Apply for a job

Apply for a credit card

Rent an apartment

Sign up for phone and Internet services

Get other utilities in your home

Your credit history gives a picture to the world to let them know if you’re financially stressed. If you have gone through rough patches, there are always ways to bring your score up. If you had a judgment ruled against you in a lawsuit, for example, that would only appear on your credit report for a certain number of years. Lenders will often allow you to explain bumps in your credit report as well. Understanding credit is half the battle to a good score!      

About the Author

Diego Raigosa

Covering Fairfield County, (203) 948-6538

Diego Raigosa is an experienced and skilled real estate agent. He cares about his clients and works hard to secure the best home fitting all their needs.

Diego surrounds himself with happy and supportive people that express gratitude each day for their many blessings. Diego believes that healthy living starts with a smile and a positive attitude. He celebrates the joy in the small, precious moments shared with family and friends. He is married with 4 children and is a long-time resident of Westport, CT. In his spare time, Diego can be seen around town playing golf, coaching soccer, and cheering on his children in all of their events.

Diego immigrated to the US from Colombia, becoming a legal resident of Connecticut in 1989. During his teenage years in Colombia, he excelled in sports like soccer, martial arts but above all sports, water polo. Diego was an elite competitive international athlete. He represented Colombia in water polo at international tournaments including a World Cup, a Pan American tournament, and two South American tournaments. Competitive sports taught him to focus on goals, train hard every day, and work together as a team to win. 

After studying computer science in college, Diego worked for a few large companies before starting his own business. In the past 20+ years, Diego successfully started and operated several business in technology and real estate. Clients from all over the United States entrusted their technology to Diego’s IT business. His IT business delivers technology services to fortune 500 and medium size companies. Diego is an expert in investment properties, real estate local markets, and property management. His background extends to real estate developments, construction projects, property management, buying, selling and leasing investment properties. 

In 2016, Diego decided to retire from his technology business in order to dedicate himself to the real estate business. He finds it very rewarding to find the perfect home for his clients. He wants each client to be very happy, and be able to create a home filled with love and laughter.

Diego’s years of experience in owning and running a successful business have taught him what he calls his five key drivers to be successful:

· Have Passion: Diego believes that in order to be successful at anything you do, you must truly love what you do. The key ingredient here is to always have passion for what you do and you will never work a single day in your life. 

· Always maintain your client’s interest at heart: know what your client wants and how to communicate with them. Be sensitive to their interests and attitudes and know how to reach them. Be respectful of their needs and circumstances. No everyone has been dealt the same opportunities.

· Be up on the latest technology: Diego believes that technology gives you an advantage. People that lose their touch with technology get stuck in the past and no longer become relevant in the present. 

· Have a positive attitude: Diego believes your attitude rubs off on everyone around you. Having a positive attitude will attract people to you and will make you feel confident and you will soon be surround by wonderful people.

· Have Integrity: integrity means doing the right thing at all times and in all circumstances. We shouldn’t need a “business case” to do the right thing. Success will come and go but integrity is forever. Diego believes his business success was built on a reputation of integrity over many years.