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that a bankruptcy will lower your credit score is often misunderstood. The late payments, and collections that happen prior to and leading up to a bankruptcy is what actually will impact your credit score and reduce it substantially. Collections will also have a negative impact on your credit score. When creditors report collections to the credit bureau, the collections will cause your credit score to reduce. Collections will stay on your credit report regardless of paid or unpaid for 7 years. I have also seen credit scores reduce as much as 50 points + as a result of a collections appearing on a credit report. Some of the most common collections I see on a daily basis are medical collections. The majority of healthcare providers (doctors, hospitals, etc…) report your unpaid medical 1669 Pine Ridge Trail balances as a collection to the credit bureaus, regardless of whether you have made a payment arrangement with them or not. Even if they agree to a payment plan, they still may report you Park Hills as a collection account to the credit bureau. Just off Hwy 32 You can see by just controlling your payment performance on all of your debts can make a positive impact on your credit score. In the next issue, I will be talking in detail about another area that has a big influence on your credit score and that is Credit Utilization (balances on debt compared to credit limits). I have seen my personal credit score increase and decrease more than 100 points due to unbalanced credit utilization.
St. Francois Winery
For more information on credit score and financial education, contact Brad Cooper at Cooper Financial www.stfrancoiswinery.com Solutions - www.cooperfinancial.com/aire or call 573-701-0702.
Enjoy hand crafted wines & locally made cheese and sauage from our tasting room or outdoor patio in a scenic vineyard setting.
Saving Starts Here.
Savings | Money Market | CDs | IRAs Wanting to save more in 2010? Stop by and see the team at your local First State Community Bank today. www.fscb.com August/September 2010 25