6 Reasons People Fail at Raising their Credit Score

Studies today show that more than 24% of millennials have no idea what a credit score is. Besides signifying your trustworthiness to financial institutions it is how loan rates and other decisions are made. Below are the top 6 reasons why today many Americans are failing to raise their credit scores.

1. Not everyone is aware of what a credit score is or that it even exists.
Believe it or not many people out there today 25% being millennials actually don’t know that they have a virtual number above their head following them everywhere they go. They are clueless about why they aren’t getting approved for things such as loans and credit cards or when they are approved for something why the terms are so different than others. 

2. Those that are aware of what a credit score is seem to have the wrong definition of how to maintain one in good standing. 
Believe it or not many think the more credit cards you have the higher the score will be. In fact the more credit cards you open you create higher debt which makes lending agencies see you at a higher risk. Keeping the balances low will, however, lessen the risk to potential lenders. Paying off your bill several times a year and using 30% of the limit is a good way to keep your credit score in the decent zone. It doesn’t mean to stop using them it just means to be aware of your credit utilization ratio. 

3. Hard credit inquiries from agencies is a huge factor on your credit score. 
Examples of a hard inquiry are home mortgage loans, vehicle loans, credit cards and large lines of credit. Trying to minimize these inquiries will lessen the impact on your credit score. Background checks are an example of a soft inquiry and have no negative effect on your credit score in any way.

4. Paying your bills on time.
Yes, paying your bills on time is the simplest way and easiest way to maintain a healthy credit score. Not sure why but many people don’t believe paying an account late has an impact as long as its paid along with the late fees. Wrong!

5. Fixing credit report errors. 
Now that we have unlimited and easy access to our credit reports its a good idea to closely monitor them for any unusual activity or errors. Making this a routine will ensure your accounts are always correct and up to date. If by chance you find an error on your report you can dispute that error with all three credit bureaus. Correcting errors will save you time and money in the long run. 

6. Managing your credit.
If you’ve been trying to establish credit for a short time make sure not to open too many accounts at once. Remember too much credit isn’t necessarily a good thing. Only apply for accounts as needed and make sure what your applying for has the best rates as well. Shop around and compare. If you don’t really need that latest retail credit card do your credit score a favor and don’t apply. When closing an account keep in mind it won’t immediately disappear from your credit report. Also, your score may not be affected immediately as well. If the account you once had open is sent to collections until that is resolved it will have an impact on your score. 

Remember, building credit takes patience, commitment and discipline.


There are three major credit reporting agencies in the country, they are Experian, Equifax and transunion. These agencies have a database of everyone’s credit file. When ever you apply to any company for credit, they use your identifying information to pull up your credit file. The identifying information they use are your name, address, social security numbers, date of birth and your phone number. They use these information to verify that they have the right individual.

A credit file is a comprehensive history of the credit accounts that you have held. It shows your payment history, the number of accounts, how long you have held them, as well as your balances on each account. Most times, it will contain the dates that the account were opened, the contact of your creditors and your credit limit. A credit file is usually used to compute a credit Score. The credit score tells anyone looking at your score where you rank. Most people start building a credit file at the age of 18. Which is the age that they can legally enter into a binding contract.

A credit score is a numerical value given to an individual based on a scoring system used by the credit reporting agencies. There are two different types of scoring systems that a credit reporting agency could use. They could use a fico score, which ranges from 350-850 or a Vantage score which ranges from 501-990, with the lower end of the score telling the creditors that you are high risk.

Most lenders are not trained to read credit, they are not interested in reading items on your credit file one by one and deciding if they will give you credit based on those items. They prefer to have the scores which tells them if you are high risks or low risks. Your score has been calculated using the items on your credit report. The score tells your credit habits in a nutshell. In today’s computerized world most companies use a computerized system to obtain your credit score and instantly make a credit decision on you. The computer system cannot read the individual items on your report but it can access the score and make a decision. Depending on if you are high risk or low risk.
Your credit score could make or destroy you. It determines if you will be approved for a particular line of credit or service, it also determines the terms of your approval like your interest rates.

This is why it is very important for you to have a credit score than a credit file. The credit score is what creditors see, the file itemizes the reasons for the score. If you are in the market for any type of credit, it is highly recommended that you get a credit score so that you see what creditors are seeing. Your numbers tell you, if you are high or low risk.

The government mandates the credit reporting agencies to give a free annual credit report to consumers at least once a year. The unfortunate thing, is that the free report does not come with a score. A report without a score is worthless to you because you cannot tell you where you rank. The credit reporting agencies are only mandated to give you the credit file. You are required to pay separately for the scores.
Our company does not only give you your credit file. We include the scores, giving you the benefit of knowing where you rank for free.

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Things Every Person in Debt Needs to Do

Debt can be a real financial killer and eat into your ability to become financially independent at any point of your life. If you have any form of debt, then it behooves you to spend some time to learn and educate yourself about the debt that you have, the options that exist, and your own personal financial position. Spending some time to understand these factors can put you in the position to make prudent financial decisions that can drastically improve on your financial position.

Understanding Your Debt

Most people will segregate debt into good and bad components. Good debt is debt that can improve on your short or long-term financial position. Sometimes this comes in the form of increasing your long-term salary, as it does in the form of student loans which can improve your income making potential with higher lifetime wages. Other times, good debt can be used to buy a home, as with a mortgage, which can provide you with a place to live and will likely appreciate over the time that you own it.

Bad debt, on the other hand, is debt that can cause you financial harm as it does with debt with punitive interest rates such as credit card loans and payday loans. These forms of debt provide you with immediate financing, but at a significant financial cost. It is important to understand and educate yourself on the differences between good and bad forms of debt and to work towards having the former and not the latter.

Understanding Your Individual Financial Position

Having said that, not all good debt is good for you. If you have a mortgage loan that is reasonable and affordable by you, then it can be a good thing. If your mortgage payments are more than you can handle and harms your ability to make investments in other income earning opportunities then it may be a poor financial decision for you.

To understand if good debt is really good for your needs, you will need to understand your own financial position. Do so with a budget where you list out your projected income and expenses for the future. Use your past financial activity as a guide and then update it for any known lifestyle changes. Then see how much of a financial sting the payments you are making are impacting your lifestyle and see how you can cope with this on a regular basis. If you are finding that you are falling short as a result of your debt repayments, even good debt may be bad.

Dealing with Bad Debt

Make a list of your debt and the terms of each debt form. Track your monthly payments, interest rates, and special features on each form of debt. Then, once you have this list built out, start to look for alternatives. If you have a student debt with a five percent intertest rate, for example, you should consider consolidating it under a new loan if the interest is lower and the terms of the new debt are not too restrictive, once you consider the costs of entering into a new loan.

Considerations When Tracking Your Debt

The major considerations that you should pay attention to when you are considering consolidating or negotiating new/revised debt should include the:

– Interest rate on the debt

– the monthly payments on the debt

– the maturity of the debt

– the costs of refinancing or consolidating the debt

– your current credit score and the ability to obtain attractive debt

– the current interest rate market and how it compares to your current interest rate on your debt

Ultimately, you should consider how the market for debt that you are looking to enter into will compare with the debt you are in. Further, you should pay attention to your ability to service the debt that you have. Once these factors are considered you can start to make educated decisions about what to do with your existing debt.