Go Deluxe Financial
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Go Deluxe Financial provides trusted business lending solutions. We are dedicated to helping small businesses grow and succeed by providing access to the capital needed to thrive in today's economy.
If we knew then, what we know now 😂🤦🏾♀️
🗣CREDIT CARDS AREN’T BAD. The misuse of them is.
I had no idea in 2006 that paying off a credit card and then, closing the card out voluntarily was a score killer 😩 Chile, I paid off that $3000 balance and closed a great credit card with Bank of America like it was the best thing to do! …. And older folks applauded that as “paying off debt”. We all were trippin, OKAY! 😂 Yes, I needed to pay down my balance, but closing the card was a HUGE MISTAKE! 🙅🏾♀️
Listen, when it comes to your personal credit - credit utilization is 30% of your credit score.
📌 If you don’t have any credit cards (out of fear, etc), you’re leaving 165 scoreable points on the table.
📌 You need to have at least 3 revolving accounts and 2 installment accounts reporting AT MINIMUM to build a strong credit profile.
📌 If you have credit cards with high balances, work to pay them down to 20% utilization. I recommend paying down the cards with the highest interest first.
📌 Avoid voluntarily closing your credit cards OR having the card issuer involuntarily close your account. This will drop your overall credit score!
👉🏾 Follow for more credit tips & consumer finance education!
07/06/2022
🚨CREDIT UPDATE 🚨 Almost 70% of U.S. medical debt will be wiped clean off consumer credit reports this year!
If you don’t know, now you know!
If you have medical debts in collections that fall in any of these categories above, continue monitoring your credit reports for a potentially pleasant surprise!
This is a HUGE advancement for consumers nationwide! Although everyone won’t benefit from these changes, 70% sounds a lot better than 0% as it was prior to July 1, 2022!
✅ Do you need to speak with someone about your credit reports and strategies to improve your scores? Visit www.godeluxefinancial.com to schedule your Credit Clarity Call today!
04/21/2022
Keep your old card accounts OPEN! 💳
Closing or attempting to delete accounts with great credit age can negatively impact your credit scores. Here’s how:
🔹 Closing a credit card can raise your utilization ratio, which will lower your score. Yes, the credit age from the closed card will count towards your credit age, but your utilization will shift possibly beyond 30% or if that’s your only card, then you no longer have a revolving account that’s scoreable.
🔹Closed accounts don’t immediately fall off your reports but they do fall off sooner than open accounts, which impacts your overall credit age (15% of your score)
🔹Closing an account can hurt your credit mix. Lenders & creditors like to see well-rounder credit profiles. Meaning you have a mix of revolving and installment accounts. (Credit mix is 10% of your score)
Here are reasonable scenarios of when to consider closing an account:
1. The account has high recurring fees that are genuinely no longer affordable (such as a credit card with a high annual membership fee)
2. The account is a joint card with a former spouse or person that you no longer have ties with and the account is now a financial liability or burden for you.
Do you need credit help or have questions about your reports?
📲 Schedule a Credit Clarity Call with the experts! www.godeluxefinancial.com
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Address
Houston, TX
Opening Hours
| Monday | 10am - 5pm |
| Tuesday | 10am - 5pm |
| Wednesday | 10am - 5pm |
| Thursday | 10am - 5pm |
| Friday | 10am - 5pm |
