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Credit Repair Chicago - How To Keep Your Fico Score From DroppingYour credit rating is extremely critical to your future (financially speaking). It's how lendors quickly determine if you're creditworthy. Determine which mistakes hurt your credit rating so you can stay away from them.Making a Late Payment35% of your credit rating is related to the history of how you have made your payments. Constatnt lateness on your credit card payments will lower your credit rating. Make payments on all your credit card bills (and any other amounts due) on time to maintain your credit rating. Please remember that totally pushing aside your monthly bills is even worse than being late on the payment. Each month you miss a monthly payment, you're one month closer to having the account written (charged) off. When creditors conclude that you are not going to pay your loan payments at all, they charge off the account. This account status is one of the most damaging things that can affect a credit rating. Once that happens, creditors will probably use 3rd party debt collectors in an attempt collect payment from you. Lenders might send your account to collections before or after charging it off. A collection status tells the financial world that the lender gave up trying to get payment from you and hired someone else to do it.Loan DefaultsLoan defaults are viewed the same way as loan chargeoffs. Defaulting on a loan shows that you have not lived up to your side of the loan agreement.BankruptcyFiling a bankruptcy will devastate your credit rating. It's a good idea to seek other alternatives, like consumer counseling, before deciding to file bankruptcy.Home ForeclosuresGetting behind on your mortgage will leave your lender no choice but to foreclose on your property. In turn, the late payments will have already hurt your credit rating and make it much more difficult to get another mortgage in the future.Getting a JudgmentA judgment demonstrates that you failed to pay your obligations and that the court needed to be called upon to make you pay the debt. Even though they both damage your credit rating, a paid judgment is better than a judgement that has not been paid.High credit card balancesAnother major factor which has an impact on your credit rating is credit utilization. Having high credit card account balances (relative to your credit limit) raises your credit utilization and lessens your credit rating.Applying for credit cardsCredit applications account for 10% of your credit rating. Applying for a new credit card will cause your credit rating to drop. It's not a good idea to apply for credit unless it's truly necessary - credit score inquiries decrease your credit rating.Your credit rating is extremely critical to your future (financially speaking). Do your best to preserve it. If your credit rating is poor, it can be repaired. Find out more at Credit Repair Chicago.