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6 Important Credit-Related Questions to Ask Yourself

Being an adult means dealing with very important financial-related topics. Understanding concepts like debt and credit are essential to a happy life and bright future. Do you know everything you should? Let’s begin by asking yourself a few questions.

Can I earn a credit score without a credit history?

For some reason, no credit is the same thing as bad credit! Consumers with no history can build credit in several ways. You can do this by getting a secured credit card, asking a family member to add you as a credit user, or getting a cosigned loan for a new car or credit card.

Will bad credit affect a job application?

Yes, and no. It is technically legal, though thankfully it doesn’t happen very often. The only time bad credit might affect a job application is if the job has fiduciary responsibilities. For a job like an accountant, a poor credit score may suggest you do not have the money management skills needed.

Can collection agencies collect on my old debt?

Each state has a law referred to as a statute of limitations that spells out the time period during which a creditor or collector may sue borrowers to collect debts. In most states, they run between four and six years after the last payment was made on the debt. If you make a new payment, the timeline begins again!

Do too many cards hurt my credit?

Actually, you want several lines of open credit. As long as you make payments on time and avoid falling too far into debt, it is considered a good thing to have two, three, or even four credit cards.

Does bankruptcy affect my credit forever?

Declaring bankruptcy can feel like a weight you’ll never truly break free from. We are happy to tell you that this is not the case. Be patient! Declaring bankruptcy does harm credit as it remains on your credit report for seven years. You’ll need to focus on credit repair. It takes time but can be done, and with great success.

How can I avoid debt?

This may seem impossible, but it is not. One of the most essential abilities to have for money management is cost control. Budgeting is learning to put cash aside for significant things first and then spending the rest smartly. Debt is not necessary and with proper money management techniques, you can avoid most forms of financial debt. A credit guidance support service can educate you how to handle your cash better and create the most of what you have.

Understanding how to build, rebuild, or maintain a strong credit standing often means asking yourself a lot of questions. You want to be as knowledgeable as possible so you don’t make any major mistakes you’ll end up paying for for years to come. To help arm yourself with education, boost your credit standing, or determine if you need credit repair, these are all important credit-related questions to answer.
We hope this list has helped! If you now see that you need additional credit repair services, Safe Credit Solutions is here to make that possible! We offer these credit services so that clients with bad credits or bad debts can properly handle their debt and credit. You can be amazed how a good credit score helps you to improve your financial status and change your life.

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