Unsecured Business & Personal Loans - What You Need To Know About Your Credit Report
Good credit is vital to getting a good small business line of credit. Or an unsecured personal loan or a small business loan.
Having a bad credit score can hurt you in other areas of your life , not just when trying to find a credit card, a home loan, or even an unsecured small business loan.
For instance, employers often will perform credit checks on job applicants, and a less-than-perfect credit score could possibly be the determining element in qualifying for the job you applied for or if it goes to an equally- an eligible candidate having a better credit rating.
If you would like to purchase a home, or buy or lease a car, or even purchase a new cell phone -- you guessed it -- a bad credit score may well harm your chances.
What Can Hurt Your Credit Score?
Maxing out your credit cards - try not to borrow more than fifty percent of your credit maximum. Whenever you go above this amount, it would damage your credit score. Bottom line, never charge your charge cards to the limit.
Past due payments - past due monthly payments are really damaging to your credit. Monthly payment history balances out about thirty-five percent of your credit scores. So that you can make sure that you don't forget about a monthly payment, go on cruise control -- set up to have all of your monthly payments automatically withdrawn from your bank account. This way, you will never have to worry that the check is in the mail.
Applying for a number of credit cards or financial loans - making an application to lots of cards is a warning sign to banking institutions (if you are going to submit an application for more than an individual credit card, it has been suggested you do so all on just one day).
Closing down long-standing credit card accounts - financial institutions prefer to find a long payment history. The more time you have had a credit card account available plus have made on time payments, the more this helps your credit report.
Having a tax lien .
Filing bankruptcy.
So What Is Considered A Decent Credit Score?
Anything above 700 is believed to be excellent.
600 to 690s - alright, but not necessarily preferred. These times, with tightening credit standards, may likely not always be enough to get you accepted and most certainly not for the ideal rates .
Below 600 - you are always considered a higher credit risk.
Below 550 - you really are perceived as an extremely a bad credit risk.
Overall, before things get so bad - consult a consumer advocacy legal professional and negotiate with your creditors. This approach can save you from a devastating credit rating which often hurts you for up to a decade.
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