| September 13, 2010

Paying down credit card debt crucial to maintaining FICO scores

A new report shows over the past two years, the amount of Americans with FICO scores at 600 or below has risen from 24.1 percent to 25.5 percent. With a score of 600, borrowers find a large amount of difficulty receiving approval for loans.

Since the 2008 recession, lenders have become stricter with their standards for applicants. A survey released by FICO last week found 46 percent of bank risk managers predict qualifications to grow even tighter, according to the San Fransisco Chronicle. In order to ride out the slow economy, analysts say consumers are going to need to make a valiant effort to improve their credit scores.

Paying off credit card debt on time should be a priority. This can improve a credit score and maintain it over time. Individuals should also be mindful that credit utilization, new credit and types of credit used factor into a FICO score as well.

Consumers can get a free credit report from each of the three credit bureaus annually. Mortgage lenders also provide borrowers with their updated credit scores for free when applying for a loan. This can help individuals stay on top of their payment histories over time.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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