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Are you having trouble applying for a loan, or does it seem as though keeping up with your finances is an inhuman task? In situations like these, bad credit could be the culprit. To say that this can impact your financial situation would be an understatement, but it's easier to get yourself out of this situation than you may think. In fact, here are some of the most common questions about bad credit, in addition to answers provided by Robert Jain.
"How is my credit score calculated?" There are quite a few factors that go into this process. As names like Bob Jain will tell you, the amount of money that you owe to various parties will play a huge part. The same can be said for your current payment history. Other factors include your credit history, the type of credit you use, and any new credit you've obtained. To say that this is an intricate process would be an understatement.
"How does one's credit score drop?" When it comes to reasons why credit scores decrease, there are quite a few points to consider. For example, if you simply stop paying your credit card bills, you will start to see your score lower. The same can be said about the act of closing older credit cards, which will only hurt your financial records. Occurrences like these are troublesome, to say the least, which is why you should avoid them by any means.
"What are some of the byproducts of low credit scores?" These include, but aren't limited to, failure to receive a loan, obtain an apartment, and even become hired in certain industries. Many people assume that a low credit score impacts their finances and nothing more, but this isn't always the case. This is why it's important to know how to keep your credit score in good standing so that events like these don't occur.
"If my credit score is in bad shape, how do I fix it?" One of the best ways to do so is by taking off debts that have the highest interest rates. By doing so, you will save money in the long run. Also, if you feel like certain amounts are too high to pay at once, do so in a more gradual fashion. These are just a few ways to keep your credit score in good standing, so be sure to keep them in mind if you find your score slipping for one reason or another.
"How is my credit score calculated?" There are quite a few factors that go into this process. As names like Bob Jain will tell you, the amount of money that you owe to various parties will play a huge part. The same can be said for your current payment history. Other factors include your credit history, the type of credit you use, and any new credit you've obtained. To say that this is an intricate process would be an understatement.
"How does one's credit score drop?" When it comes to reasons why credit scores decrease, there are quite a few points to consider. For example, if you simply stop paying your credit card bills, you will start to see your score lower. The same can be said about the act of closing older credit cards, which will only hurt your financial records. Occurrences like these are troublesome, to say the least, which is why you should avoid them by any means.
"What are some of the byproducts of low credit scores?" These include, but aren't limited to, failure to receive a loan, obtain an apartment, and even become hired in certain industries. Many people assume that a low credit score impacts their finances and nothing more, but this isn't always the case. This is why it's important to know how to keep your credit score in good standing so that events like these don't occur.
"If my credit score is in bad shape, how do I fix it?" One of the best ways to do so is by taking off debts that have the highest interest rates. By doing so, you will save money in the long run. Also, if you feel like certain amounts are too high to pay at once, do so in a more gradual fashion. These are just a few ways to keep your credit score in good standing, so be sure to keep them in mind if you find your score slipping for one reason or another.
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