| Factors That Affect Your Credit |
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| Late Payments |
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Late payments have a bigger negative impact the more recent they are |
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Anything later than 30, 60 or 90 days become progressively worse |
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Late payments on mortgages are very bad for your credit records |
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| High Balance |
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The closer you are to your credit limit, the worse your credit looks |
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You can change this by raising your credit limit or paying down the balance |
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| Collection and Liens |
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Liens have to be paid |
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Older collections do not have to be paid, but the rate is higher |
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| Open Credit |
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DO NOT close all your credit cards |
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Available credit/money helps minimize the risk in the eyes of the lender |
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| Credit Inquiries |
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Credit card and car inquiries subtract 4 points each time |
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Mortgage credit pulls do not count only once |
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| Bankruptcy - Chapter 7 or 13 |
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Over 3 years, bankruptcy does not count if credit has been re-established |
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Chapter 13 can be paid off with a refinance |
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