Understanding Credit Reports Comic

Understanding Credit Reports Comic
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  • Hey Martin! You've been looking down all day. Did something happen?
  • I'm sorry Francine. It's just that yesterday I got denied housing. What happened was...
  • What do you mean denied Mr. Rick?
  • Sir, your credit score is too low. You are too much of a risk for us.
  • That's awful! Why is your credit score too low?
  • Oh no Martin! You're supposed to pay your bills in full and on time every month! You're not supposed to apply for credit so much either!
  • I have no idea! I do pay the minimum every month and apply for a lot of credit! But sometimes I do have late payments...
  • Wait WHAT?
  • Yes, doing these decreases your credit score and is reflected on your credit report! 
  • 7 YEARS?
  • Yes, remember, a more positive credit history, meaning you pay on time and in full, and you check for fraudulent charges, equals a higher credit score and will be seen on your credit report. 
  • Those late payments you made will stay on your credit report for 7 years. 
  • Thank you so much Francine! I'll make sure to do just that and make sure I don't get denied of housing next time!
  • In order to raise your credit score and have better credit report, you should also maintain reasonable amounts of credit and have a mix of different types of accounts. 
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