Free Credit Reports

Parking Tickets & Library Fines
Your local government may have started a process of reporting unpaid parking tickets and library fines to collection agencies in attempts to recover the outstanding amounts. When the collection agencies get involved, your credit score can be adversely affected.

Collections, Liens, and Judgments
You never want your debt to be referred to any collection agency. If you have a debt to pay, work with your creditors for some payment plan. It doesn’t matter how small the amount may be. These records stay in your credit history for as long as seven years and account for as much as 35% of your credit score.

Payments in Full
Believe it or not, paying your credit balances in full each month can have a negative impact on your credit score. So can having credit cards and not using them. Ten percent of your score is determined by the type of credit you have and 35% of your score is based on your payment history.

Too many Inquiries
Each time someone looks at your credit history, it’s recorded in your credit report for two years. Having too many of these credit inquiries is bad because it gives the perception that you need lots of credit. Finish all your comparison shopping, whether it be for a new car loan or a mortgage, within a short period of time. Limit that number. If you complete your comparison shopping in a 14 day period, it will count as just one inquiry.

Unpaid or Late Utility Bills
Utility companies such as your electric, gas, and phone companies, have become reporting delinquent bills to collection agencies. Once this happens, you’re credit score will take a hit. Work something out with your utility company if this case ever arises. Usually they’re pretty accommodating.

Consolidation of Credit Cards
Consolidating your credit cards may not always be a good idea. When you do this, you not only decrease the amount of total available credit you have, but you also increase the percentage of credit used in whichever credit card you’ve consolidated too. You want to keep the percentage of available credit high and your balances should be no more than 25%-30% of your credit limit for each card.

Closing Old Unused Credit Cards
The length of your credit history counts for 15% of your credit score. When you close old credit cards, that may hurt you because that decreases the percentage of available balances you have.

Bankruptcy & Foreclosures
These two events can kill your score, often dropping your credit as much as 200 points. Not only that, they stay on your record for 10 years. You’ll be looking to pay extremely high interest rates afterwards.

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