Low Credit
Identity theft, inaccuracies, charge-offs and credit inquiries can impede your credit score. Innovative Credit Consultants is your best source for sorting out these negatives and getting your credit back on track to be useful and accurate. However, though identity theft and charge-offs are common causes of bad credit, they are not your fault. So, what fault of yours can create a low score?
The cause of low credit varies. Simply put, your debt ratio vs. payment history influences your credit score for the good or the bad.
Here are some things to consider when reviewing your credit and trying to understand why your credit is low.
Severe Delinquency: Evidence of one or more accounts with late payments.
Severe Delinquency and Collections: One or more accounts past due and turned over to a collection agency.
Time of Delinquency: Recent past due accounts.
Level of Delinquency: Explains how long your accounts are past due, 60 to 90 days.
Amount Owed on Accounts: Your debt is high.
Balances vs. Credit Limits: The balances are high on your credit cards.
Length of Time Accounts has existed: Your credit history has not existed long enough to actually exhibit credibility.
Too Many Accounts: The number of accounts with balances and the debt
they represent is high.
Ask yourself: Do I have any delinquencies? How many late payments are there?
Keep in mind your credit score is determined by: Payment History, Amounts Owed, Length of Credit History, New Credit, and Types of Credit in Use.
While these generalizations are helpful, credit can still be confusing. You can get a free credit report evaluation that will specifically explain your current credit report and your potential future. Get the right information from a credit repair expert-obligation free.
- Understanding Credit:
