Credit Facts You Should Know
Some facts you should know about credit scores
Multiple auto loan inquiries that are within a 30-day period count as just one inquiry.
Home loan inquiries within a 30-day period also count as just one inquiry, so shopping automobile and mortgage lenders to get the best rate should not hurt your score.
Late Payment History generally remains on your credit file for 7 years from the date of the late payment.
The easiest way to improve your credit score, is the most obvious. Pay all your bills on time.
Don't apply for any new credit unnecessarily. Every time you sign and return a new credit card offering, or open that second account at a department store because you get a 15% discount, an inquiry will be generated and that will reduce your score.
Opening several new credit accounts in a short period can lower your credit score.
Checking your own Credit Report will not lower your Credit Score
If you must maintain credit card balances, try to keep them at a level that is 35% - 40% of the maximum credit limit. In other words, if the credit limit is $1,000, try to keep your running balance below $400.
Consolidating all your credit cards onto one can hurt you, if the balance is at the credit limit.
A word to the wise, If you get into a dispute with the phone company and it isn't a large amount, pay it and move on. Having one or more collections, even if they are small amounts, can really hurt your score.
You are encouraged to repair your credit yourself. You don't want an attorney or any other credit repair company to file a dispute for you because if the dispute is sent from anyone other than you, the credit bureau will suspect that you have paid someone to repair your credit and this will not work as well as it could have if you sent it directly.
A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years.
No one can legally remove accurate and timely negative information from a credit report. When negative information in your report is accurate, only the passage of time can assure its removal.
Accounts that contain a negative account status. Accounts not paid as agreed generally remain on your credit file for 7 years from the date the account first became past due
Whenever you apply for credit or a loan, by signing the application form, you are giving the creditor or lender permission to order your credit report from a credit-reporting agency.
Higher Credit Scores can mean lower interest rates on loans and credit cards
Keeping balances close to account limits can lower a person's Credit Score.
How can I get a credit history if no one will approve my credit application. Don't despair, there are things you can do get yourself on the path to establishing credit.
Inquiries on your credit report can remain on your report for two years. There are two types of inquires - those that may impact your credit rating and those that do not.
Inquiries that do not impact your credit rating, include requests from employers, companies making promotional offers and your own requests to check your credit.
