The Credit Game And You

Part One

You likely have read recently about the ethics of the large banks that were bailed out by you and me…the taxpayers. In fact President Obama is now talking about putting restrictions on the large banks to hopefully prevent this type of catastrophe from occurring again.

Meanwhile, most of our personal credit activities have taken a hit in the last year. You may have experienced this through difficulty in getting a loan or changes in your credit card rules and rates. In fact you might be asking yourself, “What did I do to make my credit card company hate me?” Maybe you’ve had your card limits lowered, or even had some cards canceled for no apparent reason. You have made all your payments on time, and you can’t remember doing anything unusual to have caused such an action against you.

The management team at The Silkin Management Group attempts to watch these activities for its clients in order to offer logical advice. The great majority of Silkin Management Group’s clients are in the health care profession and, as such, their credit ratings are often vital to the operation of their business. Having good credit is vital in getting a lease or loan for new equipment, expanding an existing office or building or buying a new facility.

Unless you’ve been living the last year or so living in an endangered oak tree as a guerilla environmentalist, you are aware that the credit climate in the country has changed. This is not new news. However, it was only recently that FICO, the service most widely used to determine one’s credit-worthiness, has released information about how they arrive at the hallowed number. This is the first time they have opened their secret vault of formulas, calculations, and criteria to the great masses.

Also, Silkin Management Group is a leading vendor for several major lenders to the health care profession. As such we have extensive experience in this field and can help you with understanding this industry and activity as well as aid you in obtaining financing for business needs.

Part 2 of this article will be posted here on January 29th. In Part 2 I’ll go over some of the specifics I’ve found from FICO opening up their secret vault. You’ll find it useful, educational and hopefully helpful in being proactive with your credit rating.

If you’d like more information about Silkin Management Group and its services, visit our website at: www.silkinmanagementgroup.com. You can also email us at: info@silkinmanagementgroup.com

Lyn Ribisi
Appointment Coordinator,
Silkin Management Group