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Take a closer look at your credit report

By admin
Published: Tuesday, December 14th, 2010

Are you considering buying a new home or perhaps a new car? Before doing so, it is probably a good idea to check your credit score first. Credit scores play an important role in a person’s life. It may only consist of 3 numbers but these numbers may greatly affect so many things; employment, mortgage, car loans, and even renting a house. First let us talk about credit reports.

A credit report is a simplified file of your credit history. All of your loans, no matter how long they have been, are recorded on your credit report. a good credit report will definitely mean high rating. High credit rating have numerous benefits. If you are thinking of purchasing a new home or a new car and you have a good score, chances are real estate brokers and car sellers will fall in line just to have you as their client. Why? Because your credit rating shows that you are a responsible payer. According to some experts, a good credit score is from 680 to 720.

If you have this type of credit rating, lenders will be flocking around you all the time. An average credit score ranges from 650 to 680, this will not have as much benefits as a person with a 700 rating but for sure financial institutions will always consider your loan applications. If your credit score is lower than 620, you will be now be seen as a high risk borrower and lending companies will not even bat an eyelash to say no to your loan.

How to maintain a good credit score? As much as possible, pay your bills on time. If you cannot, and as long as you have a valid reason, call your lending company and tell them why you cannot pay. You have to take good care of your credit image because this will haunt you for the rest of your life if you do not do so. Even your student loans when you were in the university will still appear on your credit report. So even if nobody is bothering you to pay for the said student loan, pay for it. It is not too late. Remember that you need to have a good rating not only now but for the rest of your life. You do not want to be denied of a much needed loan just because of an unpaid credit card purchase.

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