1. The document discusses credit scores and how they can affect your ability to get jobs, loans, and credit. It explains that credit scores are based on factors like payment history, credit utilization, length of credit history, and credit inquiries.
2. It provides tips for maintaining a good credit score such as making on-time payments, keeping credit card balances low relative to credit limits, avoiding too many credit applications, and maintaining a stable address and employment history.
3. The document warns against using certain credit repair or debt settlement companies that make false promises or charge excessive fees.
1. Credit ... By: Daniel Sanchez Yuma Private Industry Council Workshop Presenter Your Job May depend on it
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4. What make the Credit “Score” according to The Federal Trade Commission
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Notas do Editor
1. You can count on payment history to be a significant factor. If your credit report indicates that you have paid bills late, had an account referred to collections, or declared bankruptcy, it is likely to affect your score negatively. 2. Many scoring systems evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, it’s likely to have a negative effect on your score. 3. Generally, scoring systems consider the length of your credit track record. An insufficient credit history may affect your score negatively, but factors like timely payments and low balances can offset that. 4. Many scoring systems consider whether you have applied for credit recently by looking at “inquiries” on your credit report. If you have applied for too many new accounts recently, it could have a negative effect on your score. Every inquiry isn’t counted: for example, inquiries by creditors who are monitoring your account or looking at credit reports to make “prescreened” credit offers are not considered liabilities. 5. Although it is generally considered a plus to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many scoring systems consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may have a negative effect on your credit score.
Explain that trade line – why each inquiry should have active account.
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