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This is a true story, as are all of my stories on Story Time With Gary.
A few years ago, an agent who works for me had a credit card and he closed out his account. However, he didn’t realize that he had not paid 50 cents of the balance. He paid the rest of it and thought he had successfully closed the account.
Of course, he kept getting mail from the credit card company. Since he believed his account was closed, he thought they were letters of solicitation and kept throwing them away.
It turned out that he was very late on his credit card bill of 50 cents, and his FICO score went down 100 points.
“50 cents caused his FICO score to drop by 100 points.”
There are two morals of this story. First, make sure you pay your bills on time. Second, check your credit score occasionally.
I recommend using www.AnnualCreditReport.com. As far as I can tell, it’s the only legitimately free way to check your credit. There are similar websites out there that will charge you.
It’s especially important to know your credit score if you plan on buying a home. If you have any questions about buying or selling a home, just give me a call or send me an email. I would be happy to help you!