Credit Talk Tuesdays

I think I am going to designate my Tuesday blog to credit issues for a few weeks. We already discussed Credit Utilization Ratios so let's move on to something else. Let's look at 5 things that will sink your credit score like the Titanic.

1. Late Payments. Payment history is said to make-up 35% of your credit score.(The only thing worse than late payments is no payments.)

Some Examples

• Late Mortgage Payments
• Late Credit Card Payments
• Late Utility Bills (I've seen a $400 utility bill drop a credit score 100 pts)

2. High Credit Utilization Ratio

3. Tax Liens

4. Bankruptcy

5. Foreclosure

Credit issues are a really important thing to discuss. If you do not care for your credit everything you buy will become more expensive for you than it will the individual that maintained a good credit rating. The riskier the borrower you are, the higher interest rates you will pay. If you are a Wisconsin resident interested in how your credit score will or is affecting your mortgage interest rate feel free to contact me!