Why is My Credit Score Low? 3 Rules of Bad Credit You Really Ought to Know

Why can’t I get approved for ANYTHING? Why is rejection becoming my middle name…..each and every time I apply for ANYTHING? Sound familiar? In this article we are going to take a quick look at some of the very simple, yet often overlooked “rules” that the credit bureaus, and grantors use for determining your credit worthiness lickity split. Care to know more? Read on as we take a closer look!

Rule #1: Your debt to limit ratio is WAY too high.

How high is too high? Anything over 50% is considered a red flag. Owe close to the limits on ALL your cards? You are going to set off firecrackers of impending financial problems for ANYONE who evaluates your credit…..even if you haven’t YET, been late at all.

Rule #2: You’ve Got Delinquencies on Your Report

Sounds obvious, right? It should….and yet, lots of people don’t realize how harmful those late payments really are. The simple truth is that there is NOTHING that is more detrimental to your score, and your ability to get credit than a history of NOT paying the bills you’ve got now. And until you deal with this issue…..or are willing to WAIT until these negatives disappear (7 years from the date of initial delinquency) your credit crisis will NOT go away.

Rule #3: Lots of recent applications for NEW credit

While this won’t necessarily hurt, or harm your score as much as the first 2 items, it CAN be equally as harmful to your ability to get approved for new accounts. Why? Because applying for tons of credit is often a pre-cursor to problems, or even…..trying to accumulate lots of stuff, or money, before filing for bankruptcy or something similar.

Simply stated…DON’T over-apply, or seem over interested in getting new credit all at once…..it’s going to HURT your score, even if your history is perfect otherwise!

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