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.
"How does a low credit score impact me?" In short, in many ways. One of the reasons why people improve their credit scores is because they want to be approved for homes or apartments. They may also want to obtain loans that they wouldn't have been afforded access to otherwise. After all, you don't want to present yourself as a financial risk. Keeping your credit score in good standing impacts your quality of life in myriad ways.
"My credit score appears to be low; how do I improve it?" Arguably the best way to do so is by exercising good, smart credit. You should only make payments you know you can cover, but it's equally important to make payments when they're due. Furthermore, you should focus on payments with the highest interest rates so that you save the most money. Methods like these will make improving your credit score possible.
"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.
"How does a low credit score impact me?" In short, in many ways. One of the reasons why people improve their credit scores is because they want to be approved for homes or apartments. They may also want to obtain loans that they wouldn't have been afforded access to otherwise. After all, you don't want to present yourself as a financial risk. Keeping your credit score in good standing impacts your quality of life in myriad ways.
"My credit score appears to be low; how do I improve it?" Arguably the best way to do so is by exercising good, smart credit. You should only make payments you know you can cover, but it's equally important to make payments when they're due. Furthermore, you should focus on payments with the highest interest rates so that you save the most money. Methods like these will make improving your credit score possible.
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For more financial guidance, please contact Bobby Jain today.. This article, Robert Jain: Common Questions And Answers Regarding Bad Credit is released under a creative commons attribution license.
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