Credit Behaviors That Impact Ranking - Advice For Las Vegas Buyers

Credit reports are issued by 3 credit bureaus (Experian, Equifax, and Transunion). Each uses a different method. The greater the number, the better your credit rating. Specific activities will have a negative influence on your rating and will potentially reduce your ability to buy real estate. Below are advice for  Las Vegas buyers on credit behaviors that impact ranking.

Credit Behaviors That Impact Ranking

Deadbeat Behavior

Late payments reflect poor credit behavior and as a result reduce your score. The extent to which you are late (30, 60, or 90+ days) and how regularly you are late also matter. Delinquencies remain on your credit profile for many years.

Collection Accounts

If you are really behind on payments and a credit provider has exhausted their own efforts to obtain money from you, they may transfer your debt to a collection agency. This is disclosed to the credit bureaus. A settlement does not remove this from your profile.

Discharges

If a credit provider is unable to obtain the total amount that you owe to them, they may "charge-off" the the difference. This can apply if you completely neglect to send payments or if you settle for a payoff below the total amount. Settlements reflect on your credit report for 7 years. Future creditors will see this and debate how likely you are to repeat that behavior.

Matters of Public Record

Bankruptcy, tax liens, judgments, foreclosures, and other similar events are reported into public record. Regardless of whether you pay off these accounts, the actual reporting is reflected in your credit score. Particular items appear for up to 10 years while others (such as liens) remain forever. Therefore, it is better to not let accounts get to this point.

Advice For Las Vegas Buyers

All of the credit behaviors that impact  ranking offered in this blog mark you as a high-risk borrower and will possibly cause higher loan rates or completely stop you from getting approved for loans. Demonstrate conscientious payment patterns and it will save time, money, and heartache when it is time to buy a property. These are the best advice for Las Vegas home buyers. Remember that this includes only some typical credit issues. Consult a credit professional for guidance on your personal situation.