There Is More To Credit Report Than Just Credit Card

By Jessica Barnes | Blogging

Jul 11

There Is More To Credit Report Than Just Credit Card

When we say credit report it doesn’t mean that only the payments and purchases are done using the credit card is present in the report, instead it consists of all the payments you make, and every bill you pay, including the credit, extended. However, it is possible that these things might be present on the report of one bureau but not the other. If there is an unpaid bill present on only one bureau’s report, but not the other, it will still affect the credit score and you will not even be aware of it since it wouldn’t be present in all the reports. The money you lose in trading is not mentioned in your report, read this review. Certain credit firms will consider the history of homes or apartments you must have rented in the past as payments in their calculation for credit rating.

More than 1/3rd of the score stands on whether an individual has made payments on time to their creditors. Therefore in order to prove that you have made your payments on time here are the following things to be done:

  • Pay all the amount before the due date
  • Maintain all the receipts
  • Keep all the checks that have got canceled
  • Keep all the reference numbers

Even though phone bills and convenience bills are not usually considered in the credit score, they might be included in the credit report when you neglect them, particularly when the creditor has transferred your account to collection firm and has sent this information further to the bureaus.

It is not necessary that the payment of bills should be done completely so as to say that it has been done on time, all you have to do is just make the minimum payment. One thing you should know is that this facility does not mean that it is giving you an advantage, it is present so that you are under debt for which a huge amount of interest rates should be paid and you will be paying for many years. Anyways, if there is no other option than choosing to pay the minimum amounts, it is better to go with this rather than delayed payments or missed payments. One main thing to keep in mind here is that if your history of making payments before due dates is consistent your credit score will go higher and higher. Some people are so dedicated that they make use of automated payment option with the help of online payments linked with their banks.

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