Do you know how fast you can get a bad credit rating? Knowing the factors that
drive a credit score down, down, down, you can work to build and repair your
Unemployment can turn your credit into a nightmare. When a steady paycheck
is lost, we struggle to pay our bills and our credit rating is usually one of the first
things to suffer.
Do you have a credit history? Having no credit history is as bad as having a bad
credit rating. If you don’t have any established credit at all, then it will be difficult
for you to finance major purchases such as auto loans and home loans. Having no
credit can hamper your ability to obtain credit.
Having a history of late or delinquent payments can wreak havoc on to your credit
history. It is a red flag to reporting agencies and several consecutive late payments
and delinquencies indicate trouble to the reporting agencies, which means your
credit score will drop significantly.
How much are you running your credit? Are you applying for car loans, home loans
or credit cards frequently? Every time you apply for a auto loan, home loan, credit
card, and those store cards they offer you price discounts for applying for, well not
only is that costing you 2 to 5 points on your credit score, but multiple inquires in a
short period of time can make it look like you are desperately trying to obtain more
credit quickly, which is a red flag to credit bureaus and creditors.
So you have established credit and you have charged those cards up to their limits.
Your credit score is based on several factors one being your debt to total available
credit. As your credit balances go up, your credit score goes down. Keep this in
mind, credit scores are based on many factors that you can control.
Bankruptcy will significantly affect your credit score in a major way. Your score will
drop in a major way, and creditors will see it on your credit report for 10 long years.
It will affect your obtaining auto loans, home loans, credit cards and the rates you
pay for many years.
You don not have to live with bad credit. Make the choice to improve your
credit today. Good Credit is a reality and you can have it too. Step 1 Credit
helps thousands of consumers realize their dreams of good credit. Call for a free