Credit is when you receive money, a service or goods from a merchant, and you agree to pay in the near future—with interest added. Most of us use credit to buy lots of things, from houses, or cars to clothing, furniture and electronics etc...

When used responsibly, credit can be a very useful tool. But if not, you’ll be facing some negative consequences that will make life infinitely harder.

At Smart Superior Solutions we are always here to help with credit education and guidance.

Your credit score is one of the most important numbers in life financially  it is a Three Digit number on a scale of 300 thru 850 that suggests how creditworthy you are—in other words, how good you are with your credit and how much you can be trusted to pay back what you borrow when you're supposed to. Potential lenders will use this number along with  other varying factors to decide what kinds of credit cards and loans to offer you. Remember, the higher the score, the better the offers.

There are many different types of scores, but the two most well known are your FICO Score and your VantageScore. They’re calculated based on the information that shows up on your credit report.

Generally speaking, there are five levels or tiers of credit scoring. A good credit score is anything above 670.

Anything below 670 is considered poor or only fair credit by merchants.

Your credit score can be brought down much faster than it can be brought up, so it would be beneficial to review these things below that can hurt your credit:

- Not paying bills on time everytime

- Filing for bankruptcy or foreclosure

- Applying for too many credit accounts at once

- Carrying high balances on your credit cards for more than 30 days

- Ignoring questionable negative items on your report

There are five main contributors to your credit score–payment history (the biggest factor), amount of debt (utilization)t, length of credit history, credit mix and new credit. Managing your credit wisely could improve your score.

In addition to these five factors, your credit report could contain negative items that are unfair or inaccurate, which can stay on your reports for up to seven to 10 years.

Each of the three credit bureaus have different ways of calculating your score and give you an individual credit score based on the information on your credit personal report, and separately you have a FICO® Score as well.

In a nutshell, a credit bureau is a company that tracks your ability to pay your bills. They collect information about your financial habits, then make that information available to lenders and credit card companies. There are three credit bureaus–Equifax, TransUnion and Experian.

The three main credit bureaus are Experian Equifax, and TransUnion. When potential lenders want to see your credit report, they will request it from one or more of these major reporting agencies.

Your report and score can differ by many points  from bureau to bureau because they don’t always have the same information, so it's recommended you check each report regularly  to confirm that everything is as accurate as possible.

No, your credit score is just one piece of your full credit report. Your credit report also includes your individual identifying information, trade lines, your credit history, credit inquiries, public records, collections and current payment information.

Current and potential employers are permitted by federal law to see a modified version of your credit info for hiring and promotion reasons, which means it could cost you a job or promotion. In addition If you have plans to enlist in armed services.

You may have to prove you’re financially healthy as well as physically fit. While the military isn’t necessarily looking for a specific credit score, excessive debt or delinquent payments could be a deterrent to your recruitment and limit your promotion opportunities.

As a general rule the longer you've had a trade line, especially a positive one, the better.

Your FICO® Score is a three-digit number created by the information on your credit report. While FICO® doesn't actually collect your data themselves, it's their algorithm that ultimately determines your score. When you consider that their score is the one used in 90% of all lending decisions, you can agree it's very helpful to know where you stand.

Credit repair is the process of addressing any negative or inaccurate items on your report that by extension, could be hurting your credit profile. If the credit  bureaus and your creditors can’t verify these items are fair and accurate, they are required to remove them.

At Smart Superior Solutions we firmly believe that a little time, effort ,and education today could save you thousands of dollars and missed opportunities tomorrow. We want to see you achieve Credit Flexibility contact us today and we’ll help you find the right path for your unique circumstances. 

info@smartsuperiorsolutionsllc.com or 772 400 5669.