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Factors That Affect Your Credit
 
 
Late Payments
 
Late payments have a bigger negative impact the more recent they are
Anything later than 30, 60 or 90 days become progressively worse
Late payments on mortgages are very bad for your credit records
 
High Balance
 
The closer you are to your credit limit, the worse your credit looks
You can change this by raising your credit limit or paying down the balance
 
Collection and Liens
 
Liens have to be paid
Older collections do not have to be paid, but the rate is higher
 
Open Credit
 
DO NOT close all your credit cards
Available credit/money helps minimize the risk in the eyes of the lender
 
Credit Inquiries
 
Credit card and car inquiries subtract 4 points each time
Mortgage credit pulls do not count only once
 
Bankruptcy - Chapter 7 or 13
 
Over 3 years, bankruptcy does not count if credit has been re-established
Chapter 13 can be paid off with a refinance
 
 
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