Does Your Credit History Need A Boost

If your answer to this title is yes, you are not alone. Many individuals get busy with life and forget to check their credit rating at least once every few months, six months or yearly. Often they do not realize that even a few mistakes of forgetting to make a payment within a thirty-day period; can turn your credit history into a problem. Really, I ask the question again; does your credit history need a boost?

This is not just about the payments on your credit cards or your mortgage for that matter. It is about how much credit you may have, if you have too much credit, and is it comparable to your income level.

A credit history starting to have issues can be a daunting experience if you do not catch it when it starts. If you have unpaid medical bills or judgments, tax judgments, or other liens, this does affect your history and credit scoring.

Get Your Free Credit Report

In the last few years, getting your free credit report has been accessible for everyone. When you obtain your ninety-day, semi-yearly, or yearly credit report, you known what is being reported to the three major bureaus. Therefore, you can work with the bureaus to bet the corrections done and if incorrect, taken from your report.

The Reasons for Some Inconsistencies on Credit Reports: 

People who have the same name accept for middle initial, or middle name, can be wrongly reported on your credit report. This happens, and this is no fault of yours, however, this is why it is important to check what is on your credit more frequently. If another person has a defaulted loan, tax lien, or judgment and it is on your report, it will weaken your history and hurt your credit.

  • Co-signed loans can be an issue if you do not know that a balance is late. I do not recommend co-signing loans. However, I have done that and yes, it worried me to death. Honesty is my preference of disclosing information. We do many things for our children. If you co-sign, you are responsible for that payment. You should always keep a check to make sure the payments are made when due.
  • Often medical collections show up without your knowledge. It can be due to your insurance company not paying an amount that is left over, or you misplaced the notice you received.
  • Banking institutions, loan companies, credit card companies can make mistakes as well. If you have a loan and your payment was lost in the institution, maybe pushed up under something when it arrived. It can be posted as paid late. They can key something in incorrectly, if the latter happens, you will always have your bank account history to show when the monies were a debit to your account.

My advice on this is to pay online, and you have the evidence with a receipt or email sent to you directly. However, make sure you pay it from the right account.

Reasons for Less Than Perfect Credit

  • Payments on credit cards that are 30, 60, 90, and 120 days late.
  • Late payments on installment loans
  • Late mortgage payments over 30, 60, 90 and above
  • Judgments for taxes, and other liens not paid
  • Collection accounts
  • Student loans in default
  • Bankruptcy-Chapters 7 , 11, and 13
  • Repossessions
  • A disregard for good credit practices

Check out this post on PAYING OFF CREDIT CARDS

Reasons That Credit Scores Change

  • Too many revolving credit cards
  • Credit card balances too high compared to maximum credit line
  • Too much debt load compared to income -total amount of credit
  • Late payments as described above
  • Incorrect reporting from creditors
  • Too many newly opened accounts
  • Length of credit history
  • Types of credit: revolving, installment, open or mortgage account.

Credit Assistance Network – go here

I do not often recommend credit repair help. However in searching out someone who does this for the betterment of the individual, here is a company that can help you get back on track with your credit if you have incomplete, erroneous, or credit history problems, whatever they are. They are highly recommended and have an A+ rating.

 

Why can I talk to you about credit: check out my About Page here!

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