It is very important to have a good credit score when applying for a small business line of credit. Or an unsecured personal loan or a small business loan.
Having a bad credit score can hurt you in every area of your life , not only when trying to find a credit card, a home mortgage, or even an unsecured business loan.
For instance, employers often times can and will perform credit report checks on job applicants, and a bad credit score might be the determining factor in receiving the profession you applied for or if it goes to an equally- a qualified candidate with a better credit rating.
If you want to buy real estate, or buy or lease a car, or even buy a new cell phone -- you guessed it -- a bad credit score will probably hurt your chances.
So, What Will Hurt My Credit Report?
Maxing out your credit cards - try not to borrow or charge more than 50 percent of your credit maximum. If you go above this amount, it will lower your current credit score. Bottom line, never charge your cards to the limit.
Late payments - past due payments have proven to be adverse to your credit score. Payment history makes up about thirty five percent of your credit score. So that you help make sure that you never skip a payment, go on cruise control - schedule so that you can have all of your current payments withdrawn automatically from your bank account. In this way you'll not have to be concerned that your payment has been made.
Applying for a bunch of credit cards or loans - making an application for multiple credit cards is actually a warning indication to lenders (if you're going to make an application for more than one card account, it has been mentioned you do so all on one day).
Closing down old credit card accounts - banking institutions want to be able to observe a prolonged payment historical past. The longer you have a credit card account available and have made on time monthly payments, the more this assists your credit .
Having a tax lien .
Declaring bankruptcy.
So, What's A Decent Credit Score?
A score above 700 is usually considered excellent.
600 to 690s - okay, but in no way ideal. These times, because of tightening credit criteria, may not be enough to get you approval and certainly not for the preferred interest rates .
Beneath 600 - you're considered a high credit risk.
Below 550 - you are really considered a particularly poor credit risk.
Overall, before things get so bad - seek advice from a consumer advocacy attorney and negotiate with your creditors. This can save you from a terrible credit score which unfortunately affects you for up to a decade.
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