Although many people associate their credit score with the the rate that they pay on their loan, they do not make the correlation between bills and their credit score. It is absolutely true that your credit score is the biggest variable when it comes to getting a good, or bad, APR on your loan but you need to pay attention to those bills if you want to keep your credit score high.
We all know that credit card bills and other loans effect our credit scores but did you know that not paying your cell phone bill or electric bill on time can negatively effect your credit score. Even if you do not have a collection agency after you, these companies have the ability to report to the 3 main credit bureaus when you do not pay them on time. This is just another way that you can avoid bad credit loans by keeping your credit score safe. Pay your bills, all of them, on time every time.
No comments:
Post a Comment