The 100 point Credit Secret



In life, the unexpected happens. Emergencies, illness, car or home repairs, you know what I’m talking about. Due to an unexpected expense, you just don’t have enough money to pay all of the bills that are due. Faced with a choice, which bills should you pay on time? What bills will you pay late? Your decision may affect much more than just the company paid late. The wrong choice could result in a 100-point drop in your credit scores.

 Although most seriously delinquent bills will eventually show up on your credit report, items such as rent, cable or satellite TV, your Internet provider, and utilities like gas, electric and water are usually not reported. Your revolving credit cards, installment loans, mortgage, and car loans are reported monthly. Also, collection accounts will be reported. Did you know that a 30-day late payment might result in your credit score dropping as much as 100 points?

 The unexpected has happened and your short a few hundred dollars. You know you are going to be late. What should you do? The first step is to review you bills and determine which bills are likely to be reported to the credit bureaus. Which bills are not likely to be reported? If you cannot pay everyone, choose a creditor who is not likely to report a single late payment. Now call the creditor! Explain your situation and ask them to work with you. Many will move out the due date a few days to allow you to catch up. Tell them this is a one-time occurrence and you wanted to give them a courtesy call. If you have a compelling reason, they not only may work with you, but they may not report it to the credit bureaus. Although not all creditors will do this, many will. By notifying them in advance and agreeing to a payment timetable, your credit score may be 100 points higher the next time someone pulls your credit.

 A simple call could result in a difference of hundreds of dollars on your car or homeowners insurance. It will mean a much lower interest rate when you buy a home or a new car. It will affect the interest rate on credit cards and installment loans. It will impact your life daily.

Don’t let poor credit stand between you and your dream of owning your own home. Mortgage rates are at all time lows and homes are more affordable than at any other time in my lifetime.  For your FREE no obligation credit consultation, please call Doug Kaller @ (775) 250-4421. Your credit score is the mirror image of your financial future.  You need to protect it!