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Signs Your Credit Report Is Awful - Three Devastating Credit Blemishes

By: Ernie Gentile

How can you tell if your score is going to cost you a job…or a bank account, a car or even a place to live? In this article we are going to take a quick and insightful look at how to tell when you’re credit is bad… and learning the EASIEST way to keep tabs on watching it go back up to boot! Curious to know more? Great… continue reading as we take a closer look below!

Okay… but is there a certain number that tells me my credit score is terrible? How does it work?

Historically, anything below a 620 or so was considered to be bad credit. Now…understand this: These things DO vacillate and move around quite a bit…depending on what is going on in the world around us. For example…where 5 years ago a 620 may still have been good enough to qualify for a car loan of some type, today…you are going to have MUCH more trouble getting an “A” or “B” quality loan with anything UNDER a 700 FICO score. (or the analogous score used by the bureau who is providing the report)

With the credit crunch that has devastated the banking industry and borrowers alike..

All bets are off. Even people who have had historically pristine credit scores are suffering the wrath of NOT being able to qualify for things that ordinarily would have NOT been a problem. And people on the margins…are having trouble often qualifying for the simplest of things, throwing the whole economic equilibrium seriously out of whack!

Understand this to be true… because it is:

As things get back to normal, in the coming months and years, the EASIEST way to tell if your credit score is bad is to look at the report itself. If you have any serious delinquencies (charge off’s, judgements or liens) in the last 12 months, you are going to have trouble getting ANY credit at all. If you have these same delinquencies but they date back 36 months? It doesn’t look good…but if you are current today, you should be able to still get credit going forward.

Remember…

The key is to check your credit often and pay attention to ALL up and down ticks accordingly. Pay attention to WHO is checking your credit…and WHY! These are the ways you stay AHEAD of the game, and know what to do WHEN (or if) the signs of danger appear! (advice I only wish I had taken myself 5 years back.

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