The Art of Managing your Credit

By Marc-Henri J. Kijner - Broker | Published on October 14, 2016 at 12:00AM
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One of the credit industry best kept secrets, is the ability of consumers to change effectively their credit rating by following simple and rigorous steps with the help of a credit repair specialist.


KSI Realty New York Inc.’s Broker and President, Marc-Henri J. Kijner, had the pleasure to attend an introductory lecture at the Real Estate Board of New York with one of the best Credit Specialists in New York, Mr. Solomon Algazi.


According to Mr. Algazi: “Your revenue can increase simply by ensuring that your credit score is no longer an obstacle to obtaining the best loan rates and interests”.


As a real estate broker, many of our clients are relying on their ability to borrow money for their home purchase at the best rate and under the best condition. Ensuring their credit score is working to the best of their advantage is a crucial step that our real estate brokerage endeavors with them.


The amount of time needed to fix anyone’s credit can vary greatly as everyone’s faces different circumstances, but usually within a two to six-month period one can remove up to 100 percent of the negative items from a credit report. On average, Mr. Algazi has been able to remove 60 percent of negative items with a subsequent FICO score increase of 60-100 points for his hundreds of past clients.


We learned some very valuable industry insights such as understanding what are all the components that go into the FICO score calculation. Obviously the importance of paying on time to avoid delinquencies is key, but looking at the credit card balance (revolving accounts) as well as the debt ratio of these is another crucial element. This has nothing to do with income debt ratio but more with the utilization of the credit. Using your credit smartly and effectively can impact substantially your score such as reducing your default exposure by only maxing out one card vs. several cards as the statistical odds of default is higher on several cards vs. one. For instance, it is advisable to make one big purchase of $2,000 on one card rather than charge $400 on five different cards.


Banks and financial institutions use the average age of your credit to determine your level of  “credit experience” so every time you add a new card or account you are diluting your average age of your credit history. Do not misunderstand that for credit inquiries, which according to Algazi have very little impact. Indeed, upon the first “Hard Inquiry” done by a Home or Auto Loan company you have a 45-day window to have as many inquiries as possible by other institutions to help you shop around. Mr. Algazi stated that some of his clients have had as many as 150 inquiries, which may look messy on the report but didn’t actually impact their credit score at all.


Ordering your FICO score and report is usually the first step needed to improve your score. Go to and with the help of you will be able to look and understand the reasons that are stated black on white in the report. Often you may discover addresses linked to credit inquiries or credit balances that are not yours; this could indicate an identity theft that can be effectively overcome with the help of a professional like Mr. Algazi. Another important thing to look at would be Lenders reporting delinquencies earlier than the 180 days that is allowed for them to charge for debt unpaid. Usually, lenders will report 30-day, 60-day, 90-day, and 128-day delinquencies. Negotiating with lenders that they remove from the credit report and credit bureau agency these negative elements is something that needs to be negotiated. The debt validation process can be lengthy but depending on the need, one should be aware that rapid rescore actions can be undertaken within 5-7 days.


If you are thinking about buying your next property or if you are looking for investment properties within the next 6 months to a year, do not hesitate to outreach to us and our expert credit partner at to significantly assist you in correcting your credit score. 

Tags: Credit Score, Home Buying Tips, FICO, Beat the Lenders, Credit Education

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