How Negative Items Decrease Your Credit Score
Negatives items can decrease your credit score over 200 points. Want to see what may be effecting your credit score? Check out the chart below.
Late Payments
Decreases your score up to 110 Points
Bankruptcy
Decreases your score up to 240 Points
Debt Settlements
Decreases your score up to 125 Points
Collections
Decreases your score up to 110 Points
Foreclosure
Decreases your score up to 160 Points
Hard Inquiry
Decreases your score up to 15 Points
Excellent v.s Poor Credit
Credit scores range from 0 to 850. It is important to know whether your score falls into the poor, good, or excellent range. Your score could be the difference between a good interest rate, loan approval, or denial. This is why credit repair and monitoring is essential. Check the chart below to see where you stand.
How Your FICO Score is Generated:
(The Five Factors of Credit Scoring)
Your FICO Score is a mixture of your payment history, how much debt you have, credit history, type of credit, and new accounts. As noted in the chart below, your payment history and the amount of debt you have accumulated. Always remember, pay your bills on time and keep your credit utilization under thirty percent to prevent your scores from Decreasing.
