Upon checking your credit report, a creditor can approve or disapprove your application based upon your score. If you have a low score, you may find that it’s more difficult to get approved or to get a good deal.

Indeed, consumers need to keep their personal credit in good shape. More importantly, you need to be aware of the thing which can hurt your personal credit.

1. Late Payment Submission

The FICO score is made up of 35% payment history. That means even occasional late payments can have a huge effect in your credit rating. If you have bills to pay, don’t wait until your due date arrives before making payment. To be safe, pay your bills as early as you can.

2. Neglecting Debt

If you don’t have money to pay your debts, the worst thing you can do is ignore your creditors. Get in touch with your creditor and explain your situation. Request if your due date can be extended or try to negotiate for a new arrangement. Most creditors would be glad to help out a borrower in a crisis. The most important thing is to show your creditors that you are doing your best to keep up with your obligations and to avoid defaulting from your payments.
Continue reading…

Do you want to cancel your credit card because of its high interest rate? Or do you want to cut down the number of credit cards you use? Whatever your reason is for wanting to cancel, here is a guide on how do it the safe and proper way:

Never cancel with a balance. Rule number one is to zero-in your balance before requesting to cancel. Leaving a balance in your account can be damaging to your personal credit as it will be reflected in your credit report.
Continue reading…

Certain remarks or items can be very damaging to a person’s credit history. This is why it’s very important to check your credit report at least twice to make sure that your report is free from errors and bad remarks. Listed below are things that you’d never want to see in your credit report.

1. Charge-offs. What are charge offs? When you default from your payments for a 6 months or longer, a creditor may consider your debts as charge-offs, meaning the debts are uncollectible. While it may seem like a convenient way not to pay your debts, it’s important to understand that a charge-off is a derogatory remark which can remain in your report for seven years.
Continue reading…

When applying for credit or taking out a loan, the first thing that your creditor will do is to check your credit report. Based on your credit report, a lender can either grant you an approval or reject your application. For this reason, everyone is advised to personally check on their credit report first before sending out an application to a prospective lender. This way, rejection and unnecessary inquiries in your credit report can be avoided.

What factors affect the status of your credit report? Your credit report is divided into four sections- the identity information, credit history, public records and inquiries. Checking the accuracy of the details in your ID information section is important. One minor error can cause serious problems or mistaken identity.
Continue reading…

Hi there site owner!

Let me express my warmest thank you for your free credit building ebook!

It so good to know how helpful your business service is to many, many people out there…Im so happy I got it for free!

thank you

get yours too!

http://www.newhorizon.org/Info/creditbk.htm