subject: Signs Your Credit Report is Bad - 3 Devastating Credit Issues (#3 Will Shocks Everyone!) [print this page] Who else is wondering how to tell if their credit score is bad? While many us know the obvious signs of bad credit like an old familiar friend, there are still thousands of people who have absolutely NO idea what to look for when it comes to their credit report. Sound like you? If so...I've written this article with you in mind! Continue reading as we take a closer look below as some of the simple, but surefire signs your credit is in crisis!
Filed Under: Liens, Judgement or Public Record Items:
These are almost always listed first on your report and are RARELY good! As a matter of fact, contrary to what some have asked me, there are no "awards" and accommodations listed on your credit report for POSITIVE things you have done. Instead, this is where the bad debts are listed that go to court...and the items most familiar to this section are bankruptcies, judgements, tax liens, foreclosures and more. (you know...ALL the good stuff you really want your friends and family to know.
Filed Under: Charge Off's and Bad Debt Dispositions
These are items that the creditor has written OFF as a bad debt and noncollectable. It more or less means the entity you owned the debt to has determined that you are NOT able, willing or wanting to pay...and they'd rather write off their experience with you for accounting purposes, then try to collect money they don't believe they'll ever see. Not a good sign for other potential lenders to see...and something you really DO want to remove from your report if it appears.
Filed Under: Debt to Limit TOO High
This is not really a blemish per se...but can often do FAR more damage to your credit score AND you ability to get credit in the future than many negative items will. Why is this a big deal? Because it suggests you CAN'T handle your existing debt, and is a red flag you are likely to have some serious problems in the future. Remember...the credit agencies use all sorts of metrics to gauge risk of future default, and this one HAPPENS to be at the very top of the list. (even if your credit seems good otherwise!)
Signs Your Credit Report is Bad - 3 Devastating Credit Issues (#3 Will Shocks Everyone!)
