Know Your Credit Score

Don’t Let Your Score Slip | Bad Credit Score Leads to Bankruptcy

by Max Gunderson

While it may be fair to say that many people in Arizona don’t even know their credit score, they really should pay attention to their credit score as it impacts every major financial decision you make.  This fact puts to rest the saying “What you don’t know can’t hurt you.”  Not knowing your credit score or letting your credit score slip can make your financial life quite complicated.

Credit scores throughout Arizona and in all of America are at an all time low point.  Almost 26 percent of consumers, (almost 44 million people), have a credit score below 599. Historically, only about 15 percent of consumers with active credit had a score below 599 in the FICO range of 350-800. (FICO stands for Fair, Isaac and Company, the company that historically assigned credit ratings.)  Generally speaking, a FICO score of 700 or higher is what you’re aiming for. A credit score of greater than 700 typically shows a responsible bill paying history and is usually indicative of a healthy financial situation.

Not paying attention to your credit score can even spoil your chances of getting a credit card in Arizona. If you’re looking to get a new credit card in Arizona, the best thing you can do to increase your chances is to pull your credit report, review it for accuracy, and analyze the data to make sure you’re in the best possible financial situation and that there aren’t any inaccuracies on your credit report.

Credit card companies look at your credit score to make their ultimate decision on whether you get a card. The increasing legal constraints on the lending industry combined with a surge in consumers with money woes, many credit card companies no longer offer credit to low-score applicants. You may be denied a credit card based on your score. If you pay close attention to your credit and take the necessary steps to assure that your credit report is accurate, your chances of being approved for a new credit card will substantially increase.

If you find yourself in a difficult financial situation or if your credit score has slipped and you are in the 26% of Americans with a credit score below 599, you should consider contacting an experienced Bankruptcy Attorney, Bankruptcy Lawyer, or Debt Relief Expert, getting a FREE debt evaluation, and determining if filing for chapter bankruptcy or chapter 13 bankruptcy may be the debt relief that you need. There are many options available to you.  Ask a professional for help, many offer FREE Consultations.

2012-06-19T03:11:21+00:00 September 26th, 2010|Credit Score|

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