Posts Tagged ‘north carolina employees credit union’
North Carolina State Employees Credit Union
Weird things that affect your credit
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Recently a news report aired that brought to light some interesting and annoying, even downright weird situations that negatively impact your credit score without you knowing it. Did you know that: If you cancel or close a credit card, even if you have a stellar track record with it will in fact lower you credit rating? The reaction has been universally the same: "What! You mean to say . . . that cancelling a credit card, even one that has been kept in good order, can negatively impact your FICO score. This seems unreasonable, even unfair, and almost downright un-American. Is there some reason that makes it all right for the credit bureaus and scorekeepers to do this?"
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Thought I won’t say it’s necessarily "un-American", as it happens around the world, it most certainly seems unfair… even illogical. Upon closer inspection we discovered that getting dinged for choosing to cancel a credit card is just one of the weird and unexpected ways you can negatively impact your credit scores, those tiny little set of numbers that lenders use to judge you and your creditworthiness. You’ll also be penalized for:
1) Transferring credit card balances (for instance: transferring your balance from your current credit card to a low interest rate card).
2) Settling debts.
3) Using cards that are limitless.
4) Opening accounts, both when you apply and for as long as a year afterward.
5) They go so far as to look at things on a large scale, when have any library fines, parking tickets or other penalties, have taken a buy now and pay later offer, that to will affect your score.
Before making any credit related decision you may want to speak with a trusted financial adviser. Typically the highest rated impartial advice may be found with not for profit credit unions like the North Carolina state employees credit union (also known as NC state employees credit union). As a side note, there are more benefits to working with not for profit financial cooperatives. These credit unions help stabilize other financial institutions and keep the system in check by making sure everyone is able to get competitive rates, fees and unbiased advice.
In recent consumer surveys by Evergreen credit and consumer credit counseling, overland park, KS has been rated one of the top firms for credit repair and advice along side with NC credit union. Check them out for more information.
Next week we’ll take a look at what you need to know and what you can do to minimize unintentional damage to your scores and more advice from consumer credit counseling, overland park, KS. For a closer look at National debt and the cause of the national debt see our post.
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