How Things Affect Your Credit Score

Many types of accounts are not reported to the credit bureaus while you’re in good standing. Cellular phones, rent, utility bills, medical bills and many more are a good example. However, if you stop payments or default – your debt will be sold to collection and appear on your credit report. This will seriously impact your credit score, which can easily drop 60 – 150 points.

This section explains in details how do unpaid bills affect your credit score, how to avoid it and how to reduce damages once your credit score took a hit.

Medical Bills and Credit Scores – Explains how unpaid medical bills can impact your credit score, and how to deal with the situation once it hits your credit report.

Cellular Phones, Rent, Utility Bills and Credit Scores – Explains how unpaid bills may impact your credit score.

Late Payments and Credit Scores – Even a single late payment can lower your credit score by 50 – 120 points. Late payments go on your credit report after 30 days or more.

Charge Offs and Credit Reports – Having a Charge Off on your credit report is detrimental to your credit score and credit standing. A single charge-off can lower your credit score by up to 120 points!

Collection Accounts and Credit Report – How do collection accounts affect your credit, how to manage them and should or shouldn’t you pay them off.

Marriage and Credit Scores – What happens to your credit reports and scores when you get married? Find out how being married can affects your credit.

Divorce and Credit – The effect of divorce or separation on your credit, and how to protect yourself.

Child Support & Credit Score – How making or collecting child support payments affect your credit report and score, and how it affects your application for new credit.

Rate Shopping and Credit Scores – When you’re shopping around for mortgage, student or auto loan, you want to get the best rate – and you should. Understanding how shopping for rates affects your Fico score is crucial, if you don’t want to hamper your score in the process.

Loan Modification and Credit Scores – While it may be a small price to pay for improving your terms and saving money, loan modification can knock down 80-100 points off your credit score.

Debt Settlements and Credit Scores – Debt settlement can affect your credit score in various ways, depending on how the creditor reports the settlement to the credit bureaus.

Not paying taxes on time can have an adverse impact on your credit score.

Paying credit card before statement date – How to improve your credit score and debt-to-income ratio, and increase your chances of getting approved.

How to Close Credit Card Accounts – If you have too many credit cards, closing some of them is a good way to simplify your financial life. Before you pick up the phone to call your credit card company, make sure you fully understand the impact of closing an account on your credit score.

Closing Credit Card Account Example Letter – A sample letter that you can send to the credit card company when you want to close an account.