Great Finance News

When talking about anyone’s credit score, there are five characteristics that divide the top of the list from all others. Past delinquency is the most important and those who have mad late payments in the past, will usually continue doing so in the future.  The next factor is how you use your credit.  If you have maxed out your credit then you will be seen as a high risk.

Another characteristic is how old your credit is.  If you have had credit for many years, you will be viewed as less risky. Then there is the number of times you have applied for credit. The credit system does not like those who have applied for cards and loans repeatedly in a short period of time.

Then there is the type of credit you have had. If you only have a secured card, you will be considered riskier then that person who has a mixture of revolving loans and installments. This would be a one installment loan that is paid off compared to regular payments where each payment then frees up the access to more money.  All this is taken into account when your credit score is calculated.

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A vital step in planning for your future is to repair your credit. Your credit score is looked at by so many companies, from your bank for that loan to the card company who will offer you that new credit card. Employers too will take a look before giving you that job you applied for and bad credit can cause you to be jobless.  But there is good news, you can fix your bad credit.

Your first step toward fixing your credit is to get a copy of your credit report.  Here is your financial history in detail with a list of your payment history and your outstanding balances.  Once you have your report in your hands, look it over and see if there are any errors.  Only you will know what is an error and if you find one, it is up to you to fix it. There might be a late report payment that you know was on time or maybe someone else’s name is connected with your credit.

High balances and past due account are the worst things that can be on your credit report.  Begin by paying them down as much as you can but focus on the past due ones first. Some people need help with this and there are many credit counseling services that are there for that reason. It will take time, but repairs can be done to get you back on track.