Significantly lowering your credit card balance can be like coming from behind to win the Super Bowl. If you are thousands of dollars in credit card debt you may look at the score board and think there is no way out. But think about some of the greatest comeback football games you’ve seen and you’ll know there is always hope.
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Just when you think you've got the calculation of credit scores figured out... you discover that credit companies can actually hurt your credit score – and it's not what you are probably thinking. Of course, if you don't make your payments on time, a creditor can report you as 30, 60, 90 or 180 days late which will eventually decrease your FICO score, particularly if you make a habit of making payments late. But creditors can also decrease your credit score through no fault of your own.
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Just about everyone understands if you pay your bills late or skip a payment all together, your credit score is going to be lower than someone who always pays everything before it's due. There are some other financial mistakes that may not be as well known, but that will also cause a lower credit score. When talking about your financial situation, what you don't know really can hurt you – here are 3 financial mistakes you need to avoid:
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Some people will tell you there are three little words that can completely change their world. While “I love you” may be the most emotional phrase in the English language that will cause people to do things they wouldn't do otherwise; there is a three digit number that contains amazing power over our lives.
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There are three major credit reporting agencies within the United States: Equifax, TransUnion and Experian. These are the organizations that lenders go through to verify potential borrowers credit worthiness.
Federal Law indicates that individuals are able to receive one copy of their credit report from each of the three agencies annually, and at no charge. It’s a good idea to look it over once a year to make sure there are no errors or omissions.
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Several states allow individuals to freeze their credit report- which prohibits credit from being issued in their names. While some states, including Texas, Illinois, Washington and Vermont, only allow credit freezes if the individual has already been the victim of identity theft- other states, including California, New York, New Jersey, Louisiana, Maine, North Carolina and Colorado.
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There are attorneys and credit repair “clinics” that claim to be able to remove negative items from your credit file. The service is costly, with some providers charging up to $3,500. It sounds great, in theory, because what’s a few thousand dollars for repaired credit? The trouble with this service is consumer’s pay out the money and their credit files are not always repaired.
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You probably thought once you graduated from school you would be done with report cards. In the adult world, a new type of report card determines whether you’ll be “grounded” or not- it’s your credit report. If your credit score doesn’t meet the “grade”, creditors will ground you and either completely refuse to lend you money or lend you money at extremely high interest rates.
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It may sound like a scam, but there are legitimate companies who can actually help you remove errors from your credit report or fix omissions within 72 hours. If you’ve tried to correct the situation on your own, you know it can take weeks, even months before it is actually straightened out- and if you’re in the middle of trying to buy a new home or a vehicle, the 72 hours can really help you get the loan as well as the lowest possible interest rates!
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