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How Credit Affects You

Your credit score may look like a harmless three-digit number, but don’t be fooled. A good credit score can be your ticket to the best interest rates whenever you borrow money. can be resolved. A bad credit score, on the other hand can hurt you in many different ways.

What Is "Bad Credit?

Many people who have bad credit often find themselves in difficult situations financially. But what exactly does it mean to have "bad credit," "blemished credit," or "less-than-perfect credit?" Well, it can mean a few things. A person can have bad credit from not paying their credit card bills or monthly mortgage payments on time or missing them altogether.

It may be that you shared an account or two with your spouse who had bad borrowing habits which affected your credit. Or it could be that you've gone through a bankruptcy or foreclosure process.

Your credit score is affected by numerous things such as whether you pay your bills on time, whether or not you borrow a lot of money from numerous accounts, the amount of time you've been borrowing, and the types of credit you're using (eg. auto loan, mortgage, credit cards, etc.) The more negative marks you have on your credit report (such as late payments, bankruptcies, etc.), the lower your credit score.

How Can Having Bad Credit Hurt You?
Having a poor credit history or a low credit score can seriously affect you financially. One of the things that can happen is that you could be denied credit. A low credit score indicates to lenders that you are a high-risk borrower and they may not be willing to lend you money.

How to Improve Your Credit Score
Having poor credit is an uncomfortable subject for many. And in order to do something about it, you have to first acknowledge the problem. Don't lose yourself in a sense of denial. Once you accept that you're having difficulty, it's easier to take steps to improve your situation.

If you do nothing else, the most important thing you can do to improve your credit score is join NCR Credit Buillding Program. We present each client with a specific action plan, where we advise specific / personalized credit strategies that you can utilize to maximize a strong, healthy credit profile. We will structure a plan that will consist of deleting negative items as well as establishing new lines of credit.

What happens when you apply for credit.
When you apply for credit, you authorize the lender to ask for a copy of your credit report. This is how voluntary inquiries appear on your credit report.

The inquiries section of your credit report contains a list of everyone who accessed your credit report within the last two years. The report you see lists both voluntary inquiries, spurred by your own requests for credit, and involuntary inquiries, such as when lenders order your credit report to offer you a pre-approved credit card.

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