UNDERSTANDING CREDIT
Factors that can affect your credit score:

Delinquencies remain on your credit report for seven years. Most public Record items remain on your credit report for seven years, although some bankruptcies may remain for 10 years and unpaid tax liens remain for 15 years.

Bankruptcies
· Chapter 7 is a complete liquidation of assets to settle all debts owed to creditors. This bankruptcy remains on your credit report for 10 years from the date it was fileds, but can be disputed.

· Chapter 13 is a reorganization of debts. Until this debt is paid for, dismissed, or discharged, the bankruptcy will reappear on your credit report (when disputed) as you make each payment over time.

Judgments, Tax Liens, & Student Loans
· Regardless of what we accomplish with the credit report, you are still obligated to pay these debts. If you do not pay tax liens or student loans, the government can garnish your wages and take your taxes.

Credit Counseling
· Although an item associated with credit counseling can be disputed, until you are finished with a credit counseling program, you may not be able to get a loan.

Inquiries
· Inquiries remain on your credit report for 2 years and sometimes can be disputed.

Improving your credit score
· Paying your bills on time is the single most important contributor to a good credit score. Even if the debt you owe is a small amount, it is crucial that you make payments on time. In addition, you should minimize outstanding debt, avoid overextending yourself and applying for credit needlessly.

In general, your score should improve, if you:

· Pay your bills on time. Delinquent payments and collections can have a major negative impact on a score.

· Apply for and open new credit accounts only as needed. Don’t open accounts just to have a better credit mix – it probably won’t raise your score.

· Pay off debts rather than moving it around. Also don’t close unused cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.

· Close accounts you don’t need. A high total credit limit may signal potential overextension. A total of three or four cards – including gasoline or department store cards – is usually good.

· Keep balances low on credit cards and other “revolving credit.” High outstanding debt can affect a score.

· Correct any incorrect information that might appear on your credit report.

· Minimize the number of inquiries on your credit report. Don’t apply for multiple credit cards over a short period of time, of for a card you’re not likely to get.


 

Keep in mind that you need to follow our strategy if you are serious about having your Credit Maximized.
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