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5 Signs Your Credit Score Needs Repair

By Janet Lacey
Published: Tuesday, December 1st, 2009

Have you been living with the growing suspicion that your credit score is not all that hale and hearty? Or do you already know that your credit score is bad but are hoping it will get back into the green on its own accord. Well, here is some news for you. 

Your credit score will never ever improve on its own unless concrete steps are taken to make it change positively. Check our list of signs that will help you know whether the time has arrived for you to take the extra steps involved for repairing your credit score. 

  1. You Simply Do Not Want To Check Your Credit Report
    Caught you there! There are many of us who feel that simply not looking at a poor credit report will somehow make it go away. However, if you are not Alice in Wonderland, then you may want to start behaving like an adult and get a copy of your credit report and score as the first step towards repairing your credit. If your FICO score is anything below 720, then you definitely need to try and improve your credit score. 
  2. Your Application For A New Credit Card Has Been Denied
    All credit card companies nowadays base the decision of giving you a new card on your current credit score. So if your request for a new credit card has been denied, then it is most probably because your credit score is sub prime. In fact, the credit card company is also supposed to send you an adverse action notice stating the reason why your application was denied. You are entitled to get a free credit report if your application is rejected because of information in your credit report or your credit score. 
  3. Your Interest Rates On Existing Credit Are Going Up
    Creditors today have made it a common practice to increase the interest rates on loans and credit lines belonging to people whose credit scores see a major fall or if collections appear on their reports. With a collection or a number of delinquencies on your credit report, you become a higher credit risk and therefore, your creditors will increase your interest rate on existing lines of credit. 
  4. You Cannot Get Utilities Or Phone Connections In Your Name
    Utilities and phone companies base the decision of extending you their post paid services only after thoroughly checking your credit score. In case you have been unable to get a new connection in your name and your electricity or cable services have been provided only in someone else’s name, then it is time that you seriously considered improving your credit. 
  5. You Are Unable To Rent A House
    Like every other service where you are supposed to get something first and then pay for it later—your electricity connection, your landline or post paid phone etcetera— and where providers check your credit rating to see if you will be paying your bills on time, landlords today have also taken to checking credit reports before signing leases. If you feel that landlords are refusing to let out their properties to you, or if you want to avoid such a situation, then improving your credit score should be a priority. 

Other signs that show you need credit repair are when no one is ready to co sign your loan, you are getting calls from collection agencies, your credit cards are getting closed or when you are refused new jobs because of a poor credit score.

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