bankruptcy are bad for your credit. What you may not realize however,
is that the three major credit bureaus give different weight to
various different kinds of debts and flaws within your credit report.
There are five different things that you should always avoid getting
on your credit report, as they can be incredibly damaging and hard to
get rid of when you want to repair credit fast.
Foreclosures
If you are unable to make payments on your home, then the bank will
more than likely move into the foreclosure process, and attempt to
sell your home to someone in the hopes of reclaiming their money. Once
this happens, there is nothing you can do, and even if you manage to
cut a deal and keep your home, the negative effects of not paying on
time can harm your credit score as well. These detrimental processes
take seven years to be removed from your credit report, and make it
almost impossible to repair credit fast.
Bankruptcies
This is perhaps the single worst thing you could do to your credit.
Bankruptcies stay on your credit for ten years, and can likely keep
you from getting credit extended to you for any reason. This does seem
like a grand idea when you are faced with debt that you can't pay, but
it should be stressed that if you want to repair credit fast, then you
should avoid bankruptcies at all costs.
Charge Offs
Charge offs occur when you fail to make payments on a debt for 3-6
months in a row. The creditors will then write your debt as a charge
off, and can submit or sell it to a collection agency. A charge off
will stay on your credit for seven years, even if you pay the debt
through a collection agency at a later date. So, charge offs should be
avoided if possible.
Tax Liens
There are several kinds of tax liens that can be detrimental to your
credit report. When you owe the government state or federal taxes that
you do not pay, then they can place a tax lien against you, which will
not allow you to get financed for anything until the debt is paid. If
you wanted to repair credit fast with a tax lien, the odds are against
you.
Judgments of Any Kind
When you fail to make payments and collection agencies have no luck
collecting a debt from you, they can take you to court and get a
judgment for that debt against you. Judgments are horrible for your
credit score because they show that not only did you not pay, but you
had to be taken to court as a drastic method for a company to get what
you owe them. Judgments also stay on your credit for seven years,
which gives them plenty of time to be seen.
The five things above are items that you never want to see on your
credit report. While late payments are enough to lower your score
significantly, these items could make it almost impossible for you to
repair credit fast.
Raises Credit Score 135 Points in 37 Days: http://www.ctrpstrvl.tk/
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