CREDIT » CREDIT REPAIR & REPORTS

For decades those in positions of authority have intimidated mere mortals by saying the less than stellar choices would end up on their "permanent record." Unfortunately, they were right and if consumers are sloppy with their credit, they can get a red mark that negatively affects their credit for a period of ten years.

Behaviors deemed bad by the Fair Isaac Corporation (the developers of the FICO score) would negatively impact your rating. Making late payments, having your debts sent in for collections and finally having your delinquencies called "bad debt" and the creditors washing their hands of you can cause severe damage to your credit score.

If at all possible, avoiding any of the aforementioned scenarios is the key to building a strong credit history. If however you have an inkling that you may soon be missing a payment and that trouble is a brewing, be proactive and contact your credit provider or try obtaining a consolidating loan to nip the downward slide in the bud.

Like cutting science class in high school, faking a stomachache to visit the school nurse, being disruptive in class and daydreaming, showing carelessness with your charge accounts will go on your permanent record. Unfortunately for the latter, only time can help clear up a tarnished past so the best thing to do is to be as diligent with your credit accounts as possible and keep your history as clean as possible.

Consumers are truly feeling the brunt of the recent credit crunch. From increased credit card fees, to a reduction in credit offers and tougher application processes people are starting to feel powerless. However, there are certain steps people can make now to help them regain control of their credit score and their financial future. One important step is making prompt payments towards there debts.

For decades one's FICO score (a mathematical equation generated by the Fair Isaac Corporation) has been the indicator of one's financial situation as well as determining the interest rates paid on loans of all types and sizes. Timeliness of bill payments account for 35% of the FICO score equation.

Until the turn of recent events those with a FICO score ranging from low to mid 600 were getting the best interest rates out there. However the most enticing interest rates now go to consumers with scores over the 730. To help yourself re-qualify for the best rate offers, make sure to make timely payments to all your lenders. Whether you are tardy in making a credit card payment, paying off the amount of your overdraft protection charge or paying off your mortgage it can all negatively affect your credit score.

In order for consumers to maintain healthy finances, now more than ever it is important to make diligent payments, monitor your credit history and keep accurate records. Those who have a strong survival plan for these trying times will certainly come out a head of the game. Their reward will be the best credit and interest rates out there, which can ultimately save you tens of thousands of dollars.

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