Improving your credit score - Franklin Financial Group, Inc.

How can you improve your credit score?

It's virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply. So the short answer is, you really can't "on the spot." But there are strategies you can live with to make sure when you apply for a loan your score is as high as possible.

Make sure that the information each of the three credit reporting bureaus has on you is consistent and up to date. Order a copy of your credit report about once a year, and dispute any inaccuracies.

Note: Theoretically, if a series of credit reports is requested on your behalf during a limited amount of time, your score goes down until time passes without any inquiries. Changes in the law though have made "consumer-originating" credit report requests not count so much. Also, a series of requests in relation to getting a mortgage or car loan is not treated the same as a number of credit card requests in a limited time. This is because the credit bureaus, and lenders, realize that people request their own credit reports to keep up with what's on them, and smart consumers shop around for the best mortgage and car loans.

Unsolicited credit card solicitations in the mail don't count against your credit report, so don't worry.

The two main components of your credit score are your payment history and the amounts you owe. Bankruptcy filings and foreclosures, which can stay on your credit report for as many as 10 years, can significantly lower your score. It's never a good idea to take on more credit than you can handle.

Late payments work against you. It's extremely important to pay bills on time, even if it's only the monthly payment.

Dont "max out" your credit lines. Since the size of the balance on your open accounts is a factor, lower balances are better.

It's said that by carefully managing your credit, it's possible to add as much as 50 points per year to your score.

We are proud to announce that we made the Business Courier 2008 Book of Lists as one of the Largest Tri-State Residential Mortgage Lenders

Franklin Financial Group, Inc is a proud member of the TotalChoice Network, LLC. The TotalChoice Network provides individual consumers with multiple resources to choose from to help them achieve their financial goals. Companies and HR departments are able to utilize the tools necessary to meet daily business needs and answer employee questions all in one place.

With today’s difficult economy what could be easier than having one place to obtain trusted advice to help you create the right financial blue print. TotalChoice Network puts these tools right at the consumers’ fingertips. From new college graduates to those entering retirement, our network of professionals will offer individuals and families a wealth of products and services to meet all of their needs and help answer all of their financial questions.

Franklin Financial Group, Inc is proud to partner with Majestic Security, LLC to offer IDENTITY THEFT PROTECTION AND RESTORATION. Identity theft has become the number one white-collar crime in America. At the rate this crime is growing, it is not a matter of "IF" you will become a victim, but rather "WHEN" you will become a victim. Every American needs to be protected! To learn more about how to protect you and your family, please click on the link below. Contact Franklin Financial Group, Inc for special pricing options available.

Franklin Financial Group, Inc. is a strong supporter of the Cystic Fibrosis Foundation. To learn more or to make a donation, please click on the link above.

Franklin Financial Group is Licensed and Regulated by the State of Ohio, Department of Commerce, Division of Financial Institutions, Certificate No: MB.802894.000; the State of Florida, Office of Financial Regulation, Audit No: MBB 0701709; the Commonwealth of Kentucky, Office of Financial Institutions, File No: 20297. NMLS # 1194