Many people have bad credit, but don’t even know it because they don’t check their credit reports frequently. The funny thing about bad credit is that you can feel its effects in every day life. If you have noticed any of these warning signs, it may be time to take a good look at your credit report and work on getting good credit fast.
Warning Sign #1: You’ve missed a couple of payments.
If you’ve missed payments that you owe, your credit report will most likely reflect it. If you’ve been late by a couple of days, it may not show. However, if you’ve been over a month late, if you’ve received contact from a collections agency, or if you’ve managed to get major overdue balances, your credit report most likely took a hit.
Warning Sign #2: You recently had a repossession, eviction, or foreclosure happen.
This is an even worse form of the first warning sign, and that means that your credit report and score are likely showing some pretty bad marks.
Warning Sign #3: Debt collectors are calling you.
This is a sign that you likely are dealing with tanking credit scores, especially if it’s about multiple loans.
Warning Sign #4: You’ve been denied a job due to your credit score, or you have been fired due to bad credit.
It can and does happen, even to the best of us. With 1 out of every 10 jobseekers noting that they’ve been turned away due to credit, it should come as no surprise to anyone that this is often one of the most common wakeup calls they get in regards to credit.
Warning Sign #5: You’ve been denied a loan.
Loan rejection, especially when you have a good income, is a classic sign of bad credit. If this has happened to you, you may want to look at your credit score to see if that’s the cause of bank shenanigans.
Warning Sign #6: Credit cards have rejected you.
True story: the world of credit cards is a buyer’s market. Credit card companies love to be able to get new customers, primarily because that’s how they make their money. If a credit card company doesn’t want to approve you for a card, it could be a sign that your credit score is in the gutter.
Warning Sign #7: Your insurance premium went up.
Insurers actually do look at credit reports to determine whether or not someone qualifies for their coverage. In many cases, bad credit will cause a rate hike. It’s not fair, but it happens.
Warning Sign #8: Your credit card interest rates shot up.
Interest rates don’t increase for no reason. If you’re seeing an interest rate hike, or if you’re noticing your credit limit decreasing, it may be time to see what’s going on with your credit score.
Warning Sign #9: Landlords will not rent to you, and you can’t get a mortgage.
If you have a decent income, you should be able to get a home loan or rent an apartment. However, it’s important to realize that both landlords and mortgage issuers check a person’s credit. If you can’t rent or own, and you have the usual necessities, your bad credit may be to blame.
Warning Sign #10: You already have a gut feeling it’s gotten bad.
Most of the time, we already know when credit has gotten out of control – we just don’t want to admit it. If you think your credit is bad, it probably is bad. That’s why you should work on getting credit repair services as soon as possible.