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Delinquencies and Credit Issues

As you learn more about credit scores, you may want to understand the details even deeper. Having good credit can make a huge impact on your ability to save and make money. Not only do lenders use your credit report to determine if you qualify for a loan, your credit score will also influence the interest rates you pay, whether a new employer wants to hire you, your insurance premiums, and housing opportunities. Given all that, arm yourself with the most information possible in your battle for great credit. Let’s start with the most important first; the primary impact to … Continue reading →

5 Steps to Safely Build a Credit History

It is recommended that young people take the time to build their credit history. This way when it comes time to borrow a car or a home, they can receive lower interest rates, because they have a good solid history. It can be important to do, but at the same time you should proceed with caution. Many end up ruining their credit in the name of building a good credit history. Here are five tips to help you safely build your credit history. 1) The easiest way is to take out an interest free loan from a store. If you … Continue reading →

Collection Activities

Along with our discussion of your credit report, another critical problem involves collection activities. These are quite different than our previous article on delinquencies; these actions are ones you should be well aware of. Lenders are required to notify you in writing involving any collection related situation or charge-off. Going into collection triggers a collection activity report. Basically a lender has turned your account over to a collections department or agency. A charge-off is a slightly worse situation. With a charge-off the lender has given up completely on your debts and is writing the amount off. While this may sound … Continue reading →