It is very important to have a good credit score when applying for a small business line of credit. Or an unsecured personal loan or a small business loan.
Having a bad credit score can hurt you in other areas of your life , not just when trying to find a credit card, a home mortgage, or even an unsecured business loan.
For instance, employers often times will perform credit checks on job applicants, and a bad credit score might be the determining element in receiving the job you applied for or if it goes to an equally- a skilled candidate with a better credit rating.
If you would like to buy a home, or buy or lease a car, or even buy a new cellular phone -- you guessed it -- a bad credit score most likely will harm your chances.
What Will Hurt Your Credit Score?
Maxing out your credit cards - try not to borrow more than 50 percent of your credit maximum. If you go above this amount, it would lower your credit score. Bottom line, never charge your cards to the limit.
Late payments - past due monthly payments have proven to be devastating to your credit. Payment history makes up about thirty five percent of your credit scores. So that you make sure that you don't skip a payment, go on cruise control -- schedule to have all of your repayments withdrawn automatically from your bank account. In this way, you'll never have to worry that the check is in the mail.
Applying for a bunch of credit cards or loans - making an application to multiple cards is a warning sign to loan companies (if you're going to make an application for more than an individual card account, it has been suggested you do so all on one day).
Closing down old credit card accounts - creditors prefer to be able to observe a long payment history. The longer you have a credit card account available plus have made on time payments, the more this helps your credit .
Having a tax lien .
Declaring bankruptcy.
So, What Is Considered A Decent Credit Score?
Anything above 700 is regarded as outstanding.
600 to 690s - okay, but not necessarily preferred. These times, with tightening credit standards, might not be enough to get you approval and most certainly not for the preferred rates .
Below 600 - you're regarded as a high credit risk.
Below 550 - you really are perceived as a particularly a bad credit risk.
Overall, before things get so bad - consult a consumer advocacy attorney and negotiate with your creditors. This can save you from a terrible credit rating which unfortunately hurts you for up to a decade.
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