ITEMS WHICH NEGATIVELY AFFECT YOUR CREDIT REPORT & SCORES: 

HOW IS YOUR CREDIT SCORE CALCULATED?

COMPLEX TOPICS & MYTHS DISCUSSED IN OUR PROGRAM:


A credit score is very much like a score you would get on a test; you get points for everything positive and points taken away for everything negative. Even though the highest credit score you can achieve according to the FICO algorithm is 850 it is mathematically unobtainable. One single inquiry from a lender to find out your score could drop it 3-6 points. Credit scores in the upper ranges will open up the best interest rates and repayment terms for installment loans and revolving accounts. Our consultants will attentively review your credit report and design a personalized plan suitable for your specific situation.

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  • Collections
  • Late Payments
  • Foreclosures
  • Bankruptcy
  • Judgments
  • Tax Liens
  • Inquiries
  • Short Sale
  • Charge Offs
  • Profit & Loss
  • ​Repossessions
  • Paying off collections will automatically remove them from your credit report.
  • Once a credit score is bad, it can never be rebuilt.
  • Having fewer credit cards leads to a better credit score.
  • Your actions can significantly change your credit rating immediately.
  • Multiple inquiries at one time in the same industry will not impact your credit score.
  • Differences between online algorithms and lending institutions.
  • Once a delinquent trade-line is paid off the late payment history disappears. 
  • No credit cards or lines of credit are need to have a good credit score.
  • Paying off your mortgage or car loan will help you gain points.
  • Maxing out your credit card does not have any affect on your score.
  • All credit reports and credit scores are the same.
  • Unsecured credit cards, secured credits cards, debit cards & prepaid cards.
  • Good credit is tied to your income, checking and savings accounts.
  • ​Accounts filed in a bankruptcy do not impact your score.
  • Cancelling or opening credit cards will increase your credit.
  • Excellent        720 +

  • Good         680 - 719

  • Average     620 - 679

  • Poor          580 - 619
  • Bad            500 - 579

  • Miserable     - 500