Consolidating credit card debt affect credit score

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Yes, in order to have the highest possible score, you have to actually plan out a strategy that the credit scoring model views as low risk. An old lien and old collections my ex was responsible for.This means having the right number of credit cards and mix of credit types. With this process, I have cleaned up my credit, raised my credit score from 556 to 657 and I am now about to close on my first house ever. Getting rid of these helped raise my score and helped me get a new car.Finally, you have to understand how to deal with any problems on your credit report. Negative items like inquires, late payments, collections accounts, judgments, or even bankruptcy. You’ll learn how to approach each negative mark based on your own report. Here we lay the foundation, so that you have the proper mindset to continue.This is not just about money either, employers, landlords, and insurance companies all use your credit score to make decisions that can have a big impact on your life.3, 4, 5, According to MSN Money personal finance columnist Liz Pulliam Weston in her 2011 National Best Seller “Your Credit Score” – a series of small mistakes with credit can add up to M due to high interest rates over a lifetime.This provides the framework from which you will form a personalized action plan.Many people are confused about how to understand each section of a credit report. did you know that if you have a lengthy credit history, your report can be over 20 pages long?Understanding how to interpret all of this information about you is the first step toward improving it.

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Luckily there are steps you can take to improve your credit – and in many cases improvement can be seen relatively quickly3 when you have the right education to guide you.He has seen how important understanding credit has been in improving his own life.And because of this Mike has dedicated himself to teaching others how to improve their lives by raising their credit score and taking control of their personal finances.If your credit score isn’t excellent then you will pay a huge penalty on a mortgage, refinance, auto loan, credit cards, or any other type of loan. That’s money paid out to lenders that you could use to live a better life – take more vacations, cover college education costs for your children, live in a bigger house, drive a nicer car, or invest the savings for retirement.And it’s even worse if you have bad credit, considered by lenders to be anything below 620.

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