Delinquency hurts your credit score
Serious delinquencies are the number one cause of low credit scores. This category is worth more score points than anything else. Specifically, the items in the “serious delinquency” category are tax liens, collections, judgments, charged off accounts, an account that shows record of being 90 days late, foreclosures or repossessions.
Your credit score will always be stronger if you don’t have these items on your credit
reports. If they do show up, your score will drop immediately and will stay low for
seven to ten years.
Low level delinquencies are accounts that have a record of having been 30 or 60 days past due some time in the past. These types of modest late payments wouldn’t lower your score as much as you think but it’s still nice not to have any. Your score will be benefit by there not being any of these low level delinquencies on your report or, if there are any, they are old.
Of course, I know it. The question is how do I avoid it.
If there is a solution available, why is it that so many members of the forum don’t know about it? Look for the most popular threads Once you enter a forum, you should have a good look around to try and spot the most popular ‘posts’
Comment by Elva Hill — March 15, 2007 @ 11:43 pm