Your credit score is a reflection of how you’ve handled your financial obligations. It’s based on information that’s been reported to credit bureaus by companies, like credit card issuers and lenders, you have financial accounts with. If you’ve paid your bills on time and managed your accounts wisely, you’ll have a good credit score. But, if you’ve made some mistakes — like not paying on time or not paying at all — you’ll end up with bad credit.
Your credit score is a numerical reflection of all of the financial information contained in your credit report. Credit reports come from one of three credit bureaus: Equifax, Experian, and Transunion. Creditors and other companies send in financial information related to you and other consumers to help build an accurate representation of your creditworthiness.
New credit tips: Do your rate shopping for a given loan within a focused period of time: FICO Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.
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Collections are complicated because paying them off may actually end up hurting your credit score by resetting the start date from when it was reported. Before taking action on collections, read on to find out how to navigate these murky waters. Like charge-offs, collection accounts may be reported for up to seven years from the date you first fell behind with the original creditor.
Don’t Close Unused Credit Card Accounts – The age of your credit history matters, and a longer history is better. If you must close credit accounts, close newer ones. Be Careful Paying Off Old Debts – If a debt is “charged off” by the creditor, it means they do not expect further payments. If you make a payment on a charged off account, it reactivates the debt and lowers your credit score. This often happens when collection agencies are involved.