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As the leading bankruptcy attorneys in Greenville, NC, we are here to help you with all of your legal financial needs in the Eastern, NC area. Of the many factors that determine your finances, your credit score is certainly important. It determines what types of loans you can get and can even be something your future employers want to know about. However, credit scores can be confusing and misleading. That’s why we’re here to help. 

Here are some important things that you should know about your credit score:

  • You have more than one credit score. There are 3 major credit bureaus and 2 types of credit models used to calculate your score. This means that you have several different credit scores at any give time. So, it’s important to know all of them, because different lenders look at different scores.
  • Scores range from 0 to about 850. Anything above 800 is considered excellent, and anything below 580 is considered poor.
  • Having a bad credit score doesn’t mean that you can’t get a loan or credit. It just likely means that you will have to pay higher interest rates. 
  • Your credit score isn’t stagnant or permanent. You can also work to improve your credit score. The most important thing you can do to raise it is to pay all of your bills on time.
  • College and car loans, mortgages, rent payments, utilities, and credit card bills are some of the most common things that can impact your credit scores. So, be sure to pay all of your bills on time if you can.
  • Bankruptcy will stay on your credit report for an average of 7 years. However, you are still able to get loans and credit from lenders, even with a bankruptcy filing still on your report.

If you’re in need of financial legal expertise, call the bankruptcy attorneys at Craft Law Offices in Greenville, NC today.