You are probably aware that the numbers on a credit score chart read like: 730-850 = EXCELLENT, 680-729 = GOOD, 620-679 = FAIR, 500-619 = POOR, and under 500 not only will you fail any Federal funding, but unlikely anyone else except a thief will offer you credit. You have learned to respect the NUMBERS because of the consequences in your own personal life, and following is just a sample of important NUMBERS in your credit world.
Your NUMBERS are a result of your creditors and the credit bureaus reacting to your actions. This chain of events impact your financial life, much like ripples in the water from you throwing in a single stone. For example, a tax lien carries approximately a 100 negative points on your score, and a judgment 50 points. If a profit + loss write off shows up in your credit history, that has 30 negative points result. Collections, which people rarely seem to take seriously impacts a credit score 20 points and late payments, again not taken seriously is 10 points. Add up these negative NUMBERS, your score goes down, and your cost of credit goes up..
Your NUMBERS attached to your habits of money management is also figured in. For example, when your debt to credit ratio is high, your score is down. If you have used 60% of your credit limit in debt that takes 30 points off your score. 50% of your credit limit used in debt is a 20% deduction in your score, 40% takes 10 points off your score. You are safe IF you keep your debt load UNDER 40% of your credit limit. Do The Math & Save !
Your NUMBERS can be changed by changing your actions. Through financial education and resources you can gain an average of 50 to 100 points on your credit score. Through a series of proven successful letters you can dispute inaccurate information found in your history. The process of credit repair, like dieting is not a quick fix, but over 3 months with a change in your habits and using proven methods, you can see a difference in all of your NUMBERS !
Call Spectrum Resources (863) 967-0660 Email: SpectrumResources@tampabay.rr.com
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