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Financial Problems Caused by Bad Credit PowerPoint Presentation
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Financial Problems Caused by Bad Credit

Financial Problems Caused by Bad Credit

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Financial Problems Caused by Bad Credit

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  1. Financial Problems Caused by Bad Credit

  2. Are your financial problems caused by bad credit? Chances are, probably. Let’s face it, credit is important and without it, you may not have the means to enjoy your life how you want to, when you want to- but, seeking credit isn’t always smart. Most Americans understand the basics of credit: make your payments, don't default, and spend wisely. But, while avoiding financial problems might be common sense, how many credit products a person should have and when it’s time to stop applying isn’t.

  3. To better understand what a credit inquiry really does, you need to understand that every time you click "submit" or sign an application for credit, your credit report is scrubbed by the company you are applying with. This company is checking for potential financial problems by checking if you make your payments, if you have a reasonable debt load and also, how many other companies you have applied with. Together, each individual inquiry makes up your bureau’s hard inquiries list.

  4. Remember, credit scores aren’t instant. Hard inquiries typically show up within a few days, but it can take a few weeks for credit granted to actually show up or reveal any underlying financial problems. This means that if you have applied for three credit cards and are now applying for a forth in less than 30 days, the fourth company will have to assume that you may have been approved for each card, and could already owe a lot of money.  While that might not seem exactly fair, that's just how the system works. For a prospective lender, rapidly seeking credit spells one thing: financial problems. It shows that you are desperate for credit and by extension, are probably desperate for money.

  5. While this may not always be the case, for those unlucky few who really do have financial problems, the major worry is that the inability to get credit right away will prevent getting it in the future, but this isn't necessarily true. If you have been denied credit due to over-application, stop applying and seek help from the professionals at Inquiry Busters to prevent your hard inquiries from causing you and your family financial problems in future. Remember, inquiries can almost always be removed – you just need help!

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