Credit Concussion
Credit Concussion
A credit concussion is considered a traumatic financial and budget injury that affects your overall credit. A credit concussion, effects are usually temporary but can include bad budget planning and problems with payment history, over-limits, high credit card balance and too many open accounts.
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Concussions are usually caused by a blow in credit score. Violently declining the credit score and negative hits to all 3 credit bureau s also can cause credit concussions.
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Some credit concussions cause you to lose credit approvals, but can be reversed. It's possible to have a credit concussion and not realize it. Concussions are particularly common if you late payments. Most people usually recover fully after a concussion.
Credit Concussion Symptoms
The signs and symptoms of a credit concussion can be slow and may not show up immediately. Symptoms can last for years or months.
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The common symptoms of a concussive credit injury are "creditache," loss of credit score points and financial confusion. The budgeting amnesia usually involves forgetting to budget your finances wisely- caused the credit concussion.
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Signs and symptoms of a concussion may include:
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Late payments
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Too many open accounts
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Length of open accounts
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Carrying a high balance
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Too many recent credit inquiries
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Closed, Negative, or Derogative Accounts