Things that Can Lower Your Credit Score
Throughout your life there will be many times when other people and companies make decisions that affect your future based upon your credit score. Although most people understand that a credit score is intended to provide a record of their past financial actions, they tend to be unaware of the specific factors that may count against them. This can place you at a disadvantage when seeking a new line of credit, attempting to buy a home or car, or even when applying for certain employment opportunities.
If your credit score has been seriously damaged by a period of prolonged financial struggle, it may be possible to improve your situation in both the short and long-term by filing for bankruptcy protection. To learn how bankruptcy might be a solution to your current financial woes, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494.
Impediments to a Good Credit Score
Each credit bureau calculates credit scores using a unique and largely secret formula that weights the importance of various factors in a slightly different manner, so there is no way for you to independently determine what your credit score is without obtaining a credit report. But common sense and a little extra information can help you to understand which actions or inactions can drag your score downward and make it harder for you to obtain desirable interest rates and other benefits. Some of these impediments to a good credit score include:
- History of late payments
- A few extremely late payments
- Having accounts placed in collections
- Maintaining a high balance on credit accounts as compared to credit limits
- Multiple applications for credit
- Having a short financial history
Contact Us
We can help you to regain control of your debt. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494.