'
Ask us about these additional services:
Business Valuation
Forensic Accounting
Litigation Support
fin
J.'
MELLEN, SMITH & PIVOZ PLC
Certified Public Accountants
Robert E. Mellen, CPA
Michael A. Pivoz, CPA
Mark L. Smith, CPA
Jeffry A. Campeau, CPA, ABV
Peijin Harrison, CPA
Lori A. Wigler, CPA, CFE
Frank J. Alcini, JR., CPA
For Business and Tax advice
that is always on target.
Talk to Mellen, Smith and Pivoz.
Gerald A. Kirschner, CPA
Eric L. Lambert, CPA
Lynne E. McKelvey, CPA
Elizabeth M. Pietrangelo, CPA
Jason L. Pivoz, CPA
Dennis A. Reef, CPA
Kevin S. Terry, CPA
Serving our community for 38 years
30600 Telegraph Rd. I Suite 1131
Bingham Farms, MI 48025-4531
(248) 642-2803
1572160
The Credit Union Perspective
By: John Normandeau, President/CEO
BestSource Credit Union
Understanding Your Credit Score!
Your FICO Score, commonly known as a credit
score, is used by creditors to determine your credit
worthiness. A FICO Score can range from 830 to 380.
In the world of credit scoring, the higher the better.
There are numerous factors that help establish your
FICO score. This information can be grouped into
John N ► •nEtndeau. I.,(
five categories: accumulation of debt, mix of credit,
length of credit, amount owed and payment history. Your FICO score is not
influenced by race, religion, sex, marital status, age, salary or occupation.
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What will hurt your FICO score?
• Missing a payment. And it doesn't matter how small the payment. A $10 missed
payment hurts just as much as a $2000 mortgage payment.
• Closing all of your credit card accounts. Contrary to what you might have heard,
closing all of your credit lines actually lowers your score. Someone with no credit
cards tends to be at higher risk than someone who has managed credit cards
responsibly. As you pay off credit cards, leave them open. Just destroy the card
so you won't use it.
• Numerous inquiries into your credit.
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(248) 855-1730
1 ariffington I
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What will improve your FICO score?
• Pay your bills on time. Delinquent payments can have a negative impact on your
score.
• Pay off your debt. This includes open installment loans such as Auto, Home
Equity or Mortgage.
• Apply for and open new credit card accounts only as needed.
Stop in and see us or for more information, visit www.bestsourcecu.org or call
800.666.4500.
!BEST SOURCE
11-) Liers'
Financial Lives
CRLD
September 9 • 2010
31