Credit Report Scores, The Six Deadly Credit Killers You Must Avoid!

Credit report scores, before you can rebuild your credit report scores, you must know why a creditor may deny you credit. These negative marks on your credit report can destroy your chances to obtain credit.

What Are These Credit Report Killers?

1. Delinquent credit obligations. Late payments, bad credit, or legal judgments against you make you a risky customer.

   Your credit accounts may be labeled: slow pay, no pay, or charge off which means a creditor has stopped trying to collect on your account and does not expect repayment.

2. Incomplete credit applications. Have you completed your credit application accurately and completely? Are there errors on your application?

   Any large discrepancy between your application and credit file will count against you. The lender may wonder what you are hiding.

3. Excessive inquiries lower your credit scores. Lender inquiries are noted on your credit report whenever you apply for credit. As few as four or five inquiries in a six-month period may be too many.

   A lender may assume you are trying desperately to obtain credit and are being rejected elsewhere.

4. Errors in your credit file. These may simply arise from clerical mistakes, or from confusing your name with someone with a similar name. Have you recently changed residences?

   This too may cause problems. Since a credit bureau handles millions of files, the possibility for error is tremendous.

   The only way these errors can be found and corrected is to carefully review your file for accuracy and then take the necessary steps to correct discovered errors.

5. Insufficient credit file. Your credit history is too meager for the amount of credit you request.

   You must develop your credit history more fully before you can qualify for the credit you now await and to improve your Credit Report Scores.

6. Tax liens, bankruptcy, foreclosure or repossession of collateral lower your credit report scores.

   These negative marks will kill your credit report fast because they are the most serious. But don’t despair, they too can be overcome.

Always request your credit file and review it prior to applying for credit. Periodic checking is important because credit bureaus can and do make mistakes in compiling credit information.

They may confuse you with another individual, carry erroneous information in our life, or perhaps include incomplete or one-sided information provided by a creditor.

Most of these problems can be resolved once you understand the credit repair procedures available to you.

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