People apply for credit cards every day. The first limits are usually about $300-$500 dollars. The credit card company likes to start low to see if you are a good risk. After you pay off these limits for a few months, the credit card company may increase your credit limit. If you do not pay off your credit cards on time or you miss some payments, your score will be affected. Credit monitoring agencies pay close attention to late payment and respond with negative reports.
It is not just credit cards that report to credit monitoring agencies. When you rent an apartment or home, this information usually reports to your credit monitoring agent. Each month that you pay your rent on time, your report will state this information. If you miss a payment or have a late payment, the credit report will state this.
If you’ve ended up in a situation that has tarnished your credit score and is now preventing you from financial growth, check out the financial advisor at DrCredit.