Analyzing your credit report is a great way to make sure you are on tip top shape before applying for loans. The most important reason is the interest rate in which you are able to obtain. A higher risk = a higher interest rate. A great way to analyze your risk is by looking at a few key points in your credit report. First obtain a copy of your credit report – Get Your Equifax Credit Report Now! Next, look to see if you have any unpaid debt. Any unpaid debt might disqualify you for a loan so make sure to pay them before applying. After that, check to see how many revolving credit accounts, credit cards, you have open. You want to have around three open at one given time. If you are looking to close an account choose ones that are consumer cards and/or younger accounts. Older accounts with a good payment history are exactly what creditors want to see! The last step would be to make sure you have a balance less than 25% on all of the accounts, and the monthly payments should not be more than 7% of your monthly income. It would be best to not carry any balance on your revolving debt and have monthly payments on a mortgage, car or student loan. Hopefully these tips will help you get the best rate on your next loan!
By Cola Tax & Solutions
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21 comments:
Let me tell you, I have been the victim of my own laziness on this one. It's vital to do this...what I've found out is that there can be quite a few errors on your report that can adversely affect your credit. Good explanation as to why it is important.
--M.S. Phillips @ Getting Rid of Cellulite
I check mine and my wife's credit report twice a year. If there are accounts on there that I don't recognize but do not show adverse effects, I leave them. Otherwise I fight to get them off.
Good information here on the importance of credit reports. Most people ignore them until they need them - then it is too late.
iits always good to check credit report .. knowing the deails officially formatted manner is good to anyone ..
Its is very very primordial for everyone to know his credit report so as not to be cheated nor to cheat the banker.
Reviewing the credit report first is really important because these piles of unpaid debts are what cause some companies or people to go bankrupt.
To get credit "A great way to analyse your risk is by looking at a few key points in your credit report. "this factors are essential but not necessary.1 Hour Loan is so simple and the way
Having crappy credit is extremely costly in the long run, so I wholeheartedly agree with you on this one. I'm working on my credit score every month, and man, it's a SLOW process when you're repairing credit.
Definitely it is very important to ensure that you do all the things you can to get your credit report in a fine condition.
Yes I completely agree that analyzing credit report is really important before applying for loan thanks for sharing this helpful information...
I agree with you. Credit report is very important and in fact the accounting office in timeshare relief
is very strict about it.
Useful read regards importance of a Credit Report. It is important to ensure yourself than you can to get your credit report in a fine condition.
Yes i am agree with all of you Reviewing the credit report first is really important
Good post as I agree with this.Its always good to check credit report
Nice post I really appreciate this as child tax credit is always good.
Hi to all,
I am not aware about credit report. So please tell me in deep about credit report and how its beneficial?
Thanks
Nice post, thanks for sharing with us...
I appreciate that you have shared pondered information about the importance of credit card to us. Thanks so much for sharing this here.
Really you have a fantastic and useful information. Thanks for sharing with us..
Well done on this review. I totally agree to some factors that you have mention on this description. Glad that you have tackle down such topic.
significance of a Credit Report. It is significant to double-check yourself than you can to get your borrowing report in a fine condition.
Review your credit report for any outstanding debt or missed payments. Make sure that there are no errors, and then set out to make right the wrongs of your past. Pay off the highest interest debt first and completely, while staying current on the minimum payment of all other accounts.
If you are going to pay off and close some of your credit accounts, then follow the rule of "last one in, first one out." That means that you should close your newest accounts and keep your older accounts, as a longer credit history looks better on your credit report.
A great tip for people are are trying to repair their credit is to get a free credit score. By law you are allowed to receive one free credit report every year. Make sure you take advantage of this and request your free copy so that you can see what your report actually looks like.
I cover this and annuities, including fixed annuities on my blog.
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