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How Problems Affect Credit Score
Many people are of the mistaken belief that by simply clearing their debts their credit score will
be rated highly and they will have no problems getting credit.
Unfortunately this is not the situation particularly when they have had major problems with debt
in the past.
Where there have been problems such as collections or bankruptcy this information can remain
on your records for years and even if you have an excellent record of borrowing and repayment
in recent times lenders will still see this information when they check your credit reports.
There is nothing you can do about this apart from accepting that it will take time for these issues
to disappear.
What you need to do is concentrate on making sure that it never happens again and also to
accept that it will be there until removed and you will need to work with it when dealing with any
aspects of finance.
Even minor credit problems will remain a scar on your credit score but good financial
management will overshadow this if you work consistently in the right direction and make sure
you don't make any mistakes along the way no matter how minor they might be.
It is still worthwhile paying off any of these debts because it will be recorded on your credit
report that even though you were in default at the time of the loan you have made good since
and that shows signs of financial responsibility.
Time will certainly reduce the impact that any major problems will have on your ability to get
credit and the further you go from that time the more likely you are to get credit and to get better
interest rates on that credit.
Even after you have restored much of your credit score it still pays to keep working at improving
it as the better your score is the lower the interest that you will likely be paying and over the
term of a loan even a small adjustment in interest can be quite substantial.
If you want to get the best credit ever, get approved for your dream home, car and stop collectors from harassing you on a daily bases, then it’s time to take action by signing up for you free Self Credit Repair E-Class by Clicking Here Mark Clayborne is Amazon’s best-selling author of “Hidden Credit Repair Secrets” and a credit repair expert with 10 years of experience assisting consumers with credit related issues. He is also the radio host of the show “Who Else Wants Better Credit” on blog talk radio every Tuesday at 7:30PM-PST.