Self Help Credit Repair - Improve Credit Scores By Removing Items From Credit Report

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10 Things You Must Know About Credit

Too many people use credit without fully knowing how. If you want to get and keep a good credit score, there are some things you have to know about credit.

1.Credit is a loan. Using credit is the same thing as borrowing money from a friend. The main difference is that you have to pay back interest on credit whereas most friends wont make you pay a fee for credit.

2.Good credit matters for more than just credit cards. More and more businesses are starting to use your credit standing to make decisions about doing business with you. This includes banks, employers, landlords, utility companies, and even insurance companies.

3.Your credit history is tracked. Information about whether you pay your bills on time and whether you pay them at all is collected in your credit report. At least seven years worth of credit history is in your credit report waiting for businesses to see how youve been acting with the credit youve been given.

4.Negative credit information follows you. If you make a late credit card payment or have a collection account, it remains on your credit report for seven years from the date of the delinquency. Only after that seven years has passed will that late payment fall off your credit report.

5.Your credit score is based on your credit report. A credit score is a numeric snapshot of your credit history at a point in time. It shows where your credit stands at that moment. Higher credit scores are better.

6.Your credit report could be wrong. Mistakes happen and sometimes errors appear on credit reports. Fortunately, federal law gives you the right to have this information removed when it cant be verified. Simply submit a credit report dispute to the credit bureaus.

7.Five key things impact your credit score. These things are: your payment history, your level of debt, your credit age, your mix of credit, and the number of recent credit applications. Payment history has the most significant impact on your credit score and level of debt has the next biggest influence on your score.

8.Unpaid credit accounts end up in debt collections. After you miss a certain number of credit card payments, usually six, your account will likely be passed on to a third party debt collector who will try harder to get you to pay the unpaid bill.

9.If you take on too much credit, you can hurt your credit score and end up in debt. You should only take on as much credit as you can comfortably afford to repay. Taking on more than that puts you at risk of having too much credit.

10.First credit cards may be hard to get, but once you get one, the others come easily. Be careful not to open too many credit cards since you may be tempted to charge more than you can afford.

by: Juan J. Medina

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