Bad Credit Card Debt
As one would expect, the most important causes of credit success or failure will always be payment history and total debt owed. Although together these factors account for about 65 percent of your credit, there are several other aspects of your credit report that lenders look at to determine your credit-worthiness. Many of these factors are not obvious even to the most intuitive of minds. Here are four of the most overlooked factors that influence your credit.
The number of recent inquiries on your credit report. To most people this isn't self-evident, but to lenders it makes perfect sense. If you have a lot of recent inquiries from lenders who are looking to determine your credit worthiness, then chances are you may be overextended and short of cash.The percent of your overall available credit charged. If you're maxed out on your credit cards, then lenders may consider it a sign: you're overextended and relying on your credit to make ends meet, you're addicted to credit and overuse your credit lines or both.Closing credit card accounts. Closing an account has the effect of lowering the credit limit on your credit report. This is due to the shortening of your overall available credit thus increasing the percent of your total available credit charged making it seem as though you are overextended.Closing your oldest credit card account. Closing accounts affects your credit negatively, but since the impact is relatively minimal, it may be a necessary step to help get your finances under control. If you're forced to make a decision about which account to keep open (assuming they have the same interest rate and fees), you should always hang on to the oldest account. The length of your credit history is actually about 15 percent of your score, and having an account with some longevity can be a big boost.
 NationalRelief.com can help you find the right solution with a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.
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Debts We Can Settle
Unsecured debts:
- Credit cards
- Unsecured loans, personal loans, or lines of credit
- Medical bills
- Collections or repossessions
- Business debts
Debts We Can't Settle
Secured debts:
- Lawsuits
- IRS debt or back taxes
- Utility bills
- Auto loans, government loans, or student loans
- Mortgages or home loans
- Other secured debts
Your Debt Relief Alternatives
If you are considering a type of debt relief program, know that there are alternatives to debt settlement. National Relief also offers debt management, which may work better for some consumers.
Your Consumer Rights
All consumers should be aware that they have specific rights under The Fair Debt Collection Practices Act. Debt collectors must follow the rules. Violations of this act by collectors can result in the consumer receiving damage awards.
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