5 Little-Known Factors That Could Affect Your Credit Score

Posted by on Aug 21, 2012 in Uncategorized | 0 comments

Everyone knows the process: you make sure your credit cards are relatively taken care of by being paid on time and you will have good credit. You don’t, and your credit will go down the drain. Be sure also to not suffer a foreclosure or file for bankruptcy and everything should be fine regarding an individual’s credit score, right? Individuals have encountered surprising factors that have affected their credit score. Here’s what we’ve found:
1. Paying the rent late.
You may be surprised by how much this can affect you although paying on a residential lease is not a financial account. Leasing companies will definitely report your delinquency and because its a smaller business, it may be harder to get these issues removed from your credit history once you’ve resolved it. Even though you won’t get exactly evicted from paying the rent a little late some months, it could affect your credit score for a long time.

2.Closing a line of credit.
You’ve finally paid off that credit card and plan on closing it so that you’ll never get sucked into the vortex of interest and worry every month. Think twice about this: Closing an account will now shorten your credit history. If it doesn’t cost anything to keep the account, just don’t use it, but keep it open.

3.Store-Specific credit cards.
Sure you’ll save 15% on a big purchase that day, and you’re a frequent shopper there, but creditors look more favorably upon diversified credit. Try mixing it up a little with a favorite store card and a Visa for general shopping purposes.

4.Unemployment benefits.
It happens, and you’re grateful for the help while you look for another job. While credit bureaus aren’t notified of your unemployment, they will notice a drastic change in your income. Try to receive unemployment income for as short of a period as possible.

5. Not fixing any errors on your credit report.
Everyone is granted a chance to see how they stand with all three credit bureaus for no cost at all once a year here. Credit agencies deal with millions of people, so take a personal interest in your score and report any discrepancies immediately on that website.

Start today to experience debt relief in ways that you may not have imagined before. You may be surprised at the results!

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