Late Payments - What to Do If You Cannot Pay Your Bills on Time
Do you realize that late payments can negatively affect your credit score? When you make a late payment, you are effectively letting creditors know that you are not reliable and that they should not put as much trust in you as they would someone who consistently makes their payments on time.
The Basics of Credit Repair
If you have bad credit, you know how it can be a nightmare. A bad credit score can negatively affect your life in many ways. Learn the basic steps of repairing your credit.
Understanding Your Credit Score and How it Was Determined
You probably already know that your credit history is kept in detailed records by three major credit bureaus. What you may not know is that in addition to all of that data, each credit bureau also assigns you a number, known as a credit score. That credit score is one of the most important factors in whether or not you can get a loan and if so, how much you will pay in interest. This article aims to help you understand your credit score and how it affects your ability to qualify for loans and lines of credit.
Bad News! Why Credit Card Debt Hurts Credit Scores
Unfortunately, given the importance of credit scores, how they are calculated remains somewhat mysterious. The score produced by FICO-which is calculated from credit reports by the three major credit bureaus-is the standard, but insurance companies and mortgage lenders and some other business often make their own scores based on information they pull from individuals’ credit reports. There are some actions which are known to lower or raise most credit scores.
