Get Smart About Credit Day

Posted by Century Support Services on Oct 21, 2021

Occurring on the third Thursday each October, the National Get Smart About Credit Day is the annual reminder of the importance of good credit and why it should be highly sought after. While you have already taken steps towards getting your debt under control and your credit back in good standing, this day presents an opportunity to further contemplate what other factors can culminate to negatively impact your credit. Knowing this can keep you from making your situation worse while you continue to take positive steps towards debt repayment.

What Can Affect Your Credit Score?

The following are all factors that can affect your credit score to some extent:

  • The Amount of Debt You Carry: You are already on your way to reducing the amount of debt you carry and this will continue to improve your credit score as you pay down what you owe through the repayment plan. 
  • Age of Credit History: In most cases, the older your credit history, the more reliable you are deemed in the financial industry. Of course, having a good repayment history is of paramount importance as well. 
  • Reports to Collections Agencies: If you feel that anything on your credit report is inaccurate, you should report this immediately. Obviously, the sooner you can get any issue resolved, the quicker your credit report will once again reflect your true payment nature. 
  • Late Payments: Anytime you make a late payment, it will be reflected within your credit history on your credit report. When it’s possible, make sure to pay early and pay on time. Obviously, you have taken the steps necessary to begin making payments on time once again. For future reference, one helpful way to reduce your chances of making late payments is to use your banking system to make payments.
  • The Number of Hard Inquiries for Credit: In many instances, it’s necessary to have your credit checked— like if you are trying to buy a house or a car— and when your credit is in good standing, it’s not usually a problem. However, it’s important to remember that each time your credit is processed for a purchase, it will be registered on your credit report. 
  • The Number of Accounts: Opening and closing accounts can have an impact on your overall credit score. In fact, in some cases, it can have a significant impact, so pay attention to how many accounts you have going at any given time and be mindful of opening and closing them. 

More Information About Your Credit Score

The following are some interesting facts about your credit score. Knowing these could help you continue to improve your overall credit:

  • Getting rid of a bad credit score won’t happen overnight. Though you are on the right path in debt repayment, the process of building back your credit takes time and demands patience. 
  • While it is a factor in determining whether you qualify for a loan, your credit score is not the only deciding factor used by lenders.
  • In some cases, you can lower your credit score if you get rid of old credit cards. As mentioned above, opening and closing any accounts should be carefully considered. 
  • There are several platforms that allow you to check your credit score for free. 


How to Observe Get Smart About Credit Day

Other than contemplating what factors could negatively impact your overall credit and learning some interesting facts about your credit score, there are other ways to observe or celebrate this annual focus on your credit. Most importantly, it’s a good reminder to be smart about your credit overall. Access resources and take steps to improve your credit score. Make sure you regularly check your credit score, though not excessively as we just talked about. Get Smart About Credit Day is your invitation to evaluate your credit and begin working towards building it up if you haven’t already gotten started. If you have, then keep up the good work! 


Contact Century to Learn About Debt Settlement

If debt settlement sounds like it might be the right debt reduction strategy for you, contact Century Support Services. Century has helped hundreds of thousands of people settle debts that they otherwise couldn’t pay, and has saved clients a lot of time, aggravation and money in the process. To date, Century has settled more than $1.3 billion in debt and maintains a 94% satisfaction rating.

To get started, you’ll receive our free assessment and our Certified Debt Specialists will create a personalized program plan for you.

To learn more about the debt settlement process or if you have any general questions relating to how long does debt settlement take or how long will it take to recover from debt settlement, we’re happy to answer any questions.
Contact us today!