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Your Credit Scores

Your credit is one of the most important pieces of your personal finances. With a growing amount of reliance on credit, good credit is a strong part of your financial health. The best action you can take is to pay attention to your bill paying habits.

Ask yourself “Do I pay my monthly bills on time?” If you answered “yes”, your credit is probably fine. If you are still thinking about the answer, you probably don't pay all of your bills on time.

If you have the latter answer, you are still negatively affecting your credit. Knowing your credit before a credit report is pulled is the first step to properly managing and assuring yourself of being credit worthy.

How to know your credit. There are two types of credit to concentrate on; Reported credit and Unreported credit.

Reported Credit is credit reported to the credit bureau.

  • Revolving Credit: Credit cards, Department store cards and cellular phone bills. These are forms of credit that do not have a set ending balance.

  • Installment Credit: Car loans, bank loans, home equity loans, home CT mortgage loans. These are forms of credit that do have a set term and ending balance.

  • Unreported Credit that is, normally, not reported to the credit bureau.

    This includes utility bills, landlord, magazine, book and CD Club subscriptions. (Some of the above types of companies, individuals and or organizations do report to credit agencies)

    Note: This type of credit is not normally reported but can be used as alternative credit to strengthen a credit application. If reported credit is not strong enough for additional credit approval unreported credit could be used.

    Your reported and unreported credit is your Credit Resume. It paints a picture for someone, a business, company or financial institution that you may solicit for credit at some point.

    In most cases the decision makers for your credit request will never see you personally. Thus, your Credit Resume will be a major determiner of your approval or denial. By just understanding the above information and knowing the differences in your monthly bills, you can help to improve or maintain your credit rating as well as keep your credit resume strong.

    Types of Delinquencies

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