Know Your Level To Know When You Need Credit Repair

Before you go to Chicago credit repair company service, you need to know the category of credit. Credit scores are divided into several levels of customer collectibility. The customer’s collectibility is based on credit payments from customers. At present, the credit score is divided into five categories, including:

1. Current Credit

Borrowers who fall into this category indicate that they always pay credit installments with interest on time according to a predetermined amount. So, your chances of getting a loan are easier. Here is the level that you don’t need credit repair.

2. Credit under Special Supervision

In this particular supervision category, customers pay loan installments of more than one day to 90 days from the due date of payment. However, in this category, customers are still in the safe zone even though they have shown little risk for banks or financial institutions. Watch out and if it is worse, get yourself near to credit repair.

3. Non-current Credit

In this category, customers do not pay their loan installments within a period of 3 to 6 months so that customers are not eligible to obtain loans from banks or financial institutions. Keep in mind that customers will still be charged interest if they are late in paying installments. So, if the customer does not pay payments with interest within three months, the bank or financial institution will follow up on this problem. Of course, this will be dangerous for borrowers when applying for loans in the future. If you don’t want to go to credit repair as it will require more budget to fix, start your financial plan from now.

4. Doubtful Credit

Customers registered in this category do not pay loan installments for 120 – 180 days after payment is due. In a sense, customers like lost or separated from the responsibility of paying credit installments per month. Therefore, subsequent loan applications will be quite challenging to approve because of the high risk for banks or financial institutions.

5. Bad Credit

This last category is a continuation of customers who were previously in the doubt credit category. So, customers who have not paid credit installments that are due for more than 180 days will be included in the type of bad credit. If you have entered into this category, your loan application will inevitably be complicated to be approved because you have been blacklisted. When you want to get your credit score back, you need to hire credit repair company so it will be fixed and you can apply for a loan again.