Good credit can significantly increase your chance of getting a good small business line of credit. Or an unsecured personal line of credit or a small business loan.
Having a bad credit score can hurt you in every area of your life , not just when trying to find a credit card, a home mortgage, or even an unsecured small business loan.
For example, employers often times can and will perform credit checks on job applicants, and a bad credit score may very well be a determining factor in receiving the employment you applied for or if it goes to an equally- a qualified applicant having a stronger credit rating.
If you want to buy a home, or buy or lease a car, or even buy a new cellphone -- you guessed it -- an unsatisfactory credit score will most likely hurt your chances.
What Will Hurt Your Credit Report?
Maxing out your credit cards - try not to borrow more than 50 percent of your available credit. Any time you go more than this amount, it will lower your credit score. Bottom line, never charge your cards to the maximum.
Past due payments -- past due payments unquestionably are damaging to your credit rating. Payment background accounts for roughly thirty five percent of your credit score. If you want to make sure that you do not skip your monthly payment, turn on cruise control - schedule to have all of your repayments automatically withdrawn out of your bank account. In this way you'll never have to worry that the check is in the mail.
Applying for a bunch of credit cards or financial loans -- making an application for quite a number cards is a warning sign to lenders (if you are intending to make an application for more than one card account, it has been recommended you do so all on one day).
Closing down disused credit card accounts -- creditors want to be able to observe a lengthy payment background. The longer you have had an account available and have made on time payments, the more this helps your credit .
Having a tax lien .
Filing chapter 7, chapter 13, or chapter 11 bankruptcy.
So, What's A Decent Credit Score?
Anything above 700 is considered outstanding.
600 to 690s - ok, nonetheless in no way ideal. These times, with tightening credit requirements, may not really always be adequate to get you approval and certainly not for the preferred rates .
Below 600 - you're thought to be a higher credit risk.
Less than 550 - you are really considered a particularly a bad credit risk.
Overall, before things get so bad - check with a consumer advocacy attorney and consider negotiating with your creditors. This approach can perhaps save you from a terrible credit score which unfortunately hurts you for up to a decade.
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