There are multiple types of credit that report (or are eligible to) to your credit profile. This is why it is so important to do your best in managing your finances. We all have revolving month-to-month costs as in housing, food, transportation, etc… It is when we being to dip our feet in the land of want while neglecting the land of need. This is one of the most important things to consider when applying for and using credit.
Your credit profile can impact things such as simple as rent, cell phone service, to cable/satellite service. A poor credit score may result in you being turned down, or having to make an expensive security deposit (more than the average person – if they have to at all).
What can/does report to your profile?
- Auto Loans
- Student Loans
- Credit Cards
- Energy/Utility Bills
Keep in mind that becoming delinquent with any company you agree to payment terms with can report your account as well. Usually it’s a collection company they sell your bad debt to, but doctors to DVD clubs are examples of collections that have appeared as negative items on reports as first time appearances.