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Understanding Your Credit Score & Approval Ratings

Are you wondering why you were denied a loan or credit card, or why your interest rates seem higher than you expected? It could be that your credit report is hurting your approval ratings and credit score. Here are six things to look out for on your credit report that could be having a negative impact:

  1. Incorrect personal information: Make sure that your name, address, and other personal information are correct on your credit report. Even a simple typo can lead to credit denial or higher interest rates.
  2. Late or missed payments: Payment history is a major factor in your credit score, so it’s important to make sure that all of your payments are being reported accurately.
  3. High balances on credit cards: Credit utilization, or the amount of credit you are using compared to your credit limit, can impact your credit score. Try to keep your balances low, ideally below 30% of your credit limit.
  4. Multiple hard inquiries: Each time you apply for credit, a hard inquiry is added to your credit report. Too many hard inquiries in a short period of time can negatively impact your credit score.
  5. Negative accounts: If you have accounts in collections or have declared bankruptcy, these negative marks will appear on your credit report and can lower your credit score.
  6. Fraud or identity theft: If you are a victim of fraud or identity theft, it’s important to report it as soon as possible to minimize the impact on your credit score.

By regularly reviewing your credit report and addressing any errors or negative marks, you can improve your credit score and increase your chances of approval for loans and credit cards. Repair Zap can help you remove errors and improve your credit – contact us today to learn more.

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