Credit Tips Network

So if you are planning to get a new house or get a new car, make sure you earn a good credit score and take time in repairing bad credit. The poorer your payment history and the lower your credit score, the higher your interest rate due to the higher risk you are to the creditor lending you money.

They might even decline your application altogether if your FICO score is low enough.Of course, it becomes a question of finding ways to increase your credit score. Now there’s an easier solution, known as secure credit cards.Secure credit cards are quite simple and works like secure loans that many people are familiar with. But if you go 30 days late then a mark is put on your credit report and your score will instantly drop an average of 50 points for each 30 day late.3.

The timeliness of your monthly payments accounts for 35% of your credit scores, so make it a point to never be late.

Newer accounts lower your score; older accounts raise the “average length” of your credit history – which is a good thing. This is because other factors come into play when determining your credit score and one of these factors is the history time-span that each entry dates back to. Now that you’ve raised your credit score negotiated your debt paid down your balances the only logical thing to do now is to continue paying your bills on time.

start by looking over a copy of your report and look for errors and negative information.The negative information will be late payments, collection accounts and charged off accounts. Negative accounts do have a lifespan on your report and you need to know what the lifespan is on each of these accounts to successfully have them deleted. There are laws that congress passed that helps protect your credit file and to make sure creditors are not taking advantage of you.

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