Good Credit Score Essay

You can't make your debt disappear overnight, but you can make sure you pay your bills on time. There are several components that go into your FICO score, and the most important if those is your payment history. Your payment history accounts for 35 percent of your score, which makes it the largest single part of your score. It even counts more than how much debt you owe, which accounts for 30 percent of your score. A solid payment history won't make lenders fall instantly in love with you, but a history of late payments will convince them to avoid

(3) In order to get the best interest rates, on home mortgage loans or car loans you need to have good credit ratings, which enables you to borrow more money with less interest. However poor credit effects you the opposite way, it can also keep you from qualifying to rent a house / apartment, and denial of credit cards. Other issues you may have with bad credit, you may have to pay a security deposit on utilities, you might not get that phone contract you want, denied for employment, higher insurance premiums.

I learned from our interview that there are three credit rating agencies, Experian, Equifax, and TransUnion. These agencies use a wide variety of information about every person to determine his or her “creditworthiness” from the perspective of banks and just about any other entity that might ever consider extending financial credit to a person. Generally, a good credit score means that lenders will be willing to let you open new accounts, borrow money, and give you the lowest interest rates on any loans. Conversely, a bad credit score means the exact opposite. I learned that every late payment of any kind is a negative mark on my credit score and that makes the credit card’s policy on late payments very important. I learned that the APR is the financing charge calculated as an average percentage of interest on any amount

Credit repair works. And the results will have a dramatic impact on your financial life. Lenders everywhere have tightened their credit requirements. Every single point on your credit score matters. Credit blemishes can quickly translate into higher interest rates and even loan denials. You cannot afford to ignore the potential of credit repair. Do it yourself, or for a small investment you can hire a professional credit repair service to manage the process for you. Either way, now is the time to take action.

If you run a check on your credit score, for example via Experian, you will see two different types of searches: searches which affect your score, and searches with no impact.

“zzzzzzzzz’s” kids aren’t getting enough sleep because of early school start times.We need to make start times later so America is not the most sleep deprived nation in the world. I am going to tell you why school start times should be later and what happens when you are sleep deprived. We need to make school start times later so American kids are not so sleep deprived.

Bad credit reports can affect ones’ life in several negative ways. With a bad credit report and a low credit score, it is harder to receive a credit card, an automobile loan, a mortgage, or possibly a job. It is important that one is always aware of the credit decisions made. Paying bills late, maxing out credit cards, and filling out too many credit applications in a brief period will also have a negative impact on the credit report. To keep a good credit report, one should pay bills on time and apply for credit sparingly. Last, but certainly not least, one should check their credit report annually! A free credit report is available from each of the three credit reporting agencies each year. This is something one should take advantage of since it will help them judge whether they are managing their credit wisely. It is imperative that one keeps a good credit score. If not, one could miss out on many opportunities. For example, one may find an opening for their dream job that they are qualified for, but the negative credit report causes them to not get the job. Do not let this happen! Maintain a good credit report and opportunities like this will not pass by!

If you have poor credit and want to do something about it, it's usually just a simple matter of following a specific step-by-step procedure that will ensure a relatively quick and hassle-free improvement in your credit score (also known as your FICO score). But it is important to have a plan in place and not just get your current credit report and start making phone calls to the companies that have reported derogatory entries on your report. Here's a simple checklist for how to improve credit score:

Too much outstanding debt: if your lenders see that you have too much debt, especially compared to your income, this will also destroy your credit score. Again, they will see that you cannot truly pay off your accounts. They consider you as being overextended and know that they probably won't get their money any time soon. This is a huge credit problem that you will want to avoid.

What many consumers don’t know is that a damaged credit score can hurt them for many years. Reports such as bankruptcies, liens, and late payments are all unfavorable and can cause banks and subsequent creditors to charge an excessive

Knowing what other outlying debts customers have could be helpful in determining high-risk customers. Along with past credit history this could be helpful in determining customers to reject.

First of all pull your credit profiles at all the 3 credit bureaus. Lot of people forget this important first step and start chasing creditors for giving them a chance to prove their honesty. Your poor credit score may be due to someone else drawing credit in your name also called identity theft.

There are many reasons why an individual can have a bad credit rating. Common reasons include a loss of employment , medical bills and a divorce. Whatever the reasons are in your life, if you have gone through a period of time in your life that has left you with a bad credit rating, there are several things you can do to begin to build your credit rating back up.

Don’t do something that could damage your credit score. There are two factors which could hurt your credit score.

lead to serious financial consequences in the future. Make a plan detailing what are you going to use the credit for, how much money will be spent, what’s the interest rate, and how long do I have to pay it back. The sooner you make a payment on your credit bill, the least likely you’ll default on a payment. Defaulting on a credit payment not only hurts your credit score, it also incurs penalties that you have to pay for such as, late fees or your credit score dropping. Lenders are least likely to lend you if you have a turbulent credit history full of missed payments. There are two different types of credit: closed end and open end credit. Close end usually deals with one time payments like automobile loans, mortgage and installment loans. Open end credit is associated with credit cards and overdraft protection. Most of my credit stems from close-ended credit due to my student loans, recently I’ve been using more open-ended credit in order to satisfy my expenses. My debt payments to income ratio were higher than the 20% maximum. I would always be above the maximum suggested limit, since I hovered around the 50% mark, which showed I needed to reduce my spending. I was trying to build up my credit rating, but with the way I was going I wasn’t sure I could’ve maintained my credit rating. I wanted to have a credit rating where I wouldn’t be listed as a potential liability. Credit experience can affect many things in your life, such as an ability to get a loan or maybe even land