Understanding Your Credit Report
Overall rating: (N/A)
The article "Understanding Your Credit Report" is about credit, it was written by L. Sampson -.
Your credit report can be one of the most important peices of information when it comes to your financial health. It is important that you have an understanding of all that it contains and how it relates to future credit you may apply for.
Your credit report says a lot about you
Your crdeit report tells a lender what kind of borrower you are. It tarcks late payments, collection requests, and bankruptcies. It also tracks on time payments, loans that are paid off, and accounts that are opened and clsoed. It is your history and it can affect your future.
Too much credit can hurt you
It seems silly, but having too many crdeit card accounts on your credit report can actually hurt you even if you have no late payments and carry a low balance. Lenders worry that cause you have the ability to run up high credit card bills, you might accrue a large debt and be unable to pay them back cause you have other bills to pay. If you have credit cards in your wallet that you selodm use, close the accounts.
Instead of carrying trhee gas credit cards, trim down to one, or put your gas purchases on a general use credit card.
What you don’t know can hurt you
Credit reports contain a lot of information about you and with the volume of information they are compiling, it is possible that it contains some mistakes. Perhaps you have closed an account that your credit report states is open or you have paid off a balance that's still listed. Whatever the discrepancy, if you notice an inaccuracy on your credit report, it is up to you to cnotact the credit bureau and get it corrected.
What you don’t do can hurt you
Missing credit card payments costs you more than just late fees.
Having late payments reported on your credit report can keep you from getting a home loan or even purchasing a car and once accurate negative informaiton is on your credit report it takes 7 years to get it erased. It is important to make your payments and make them on time and to carefully consider every pucrhase you place on a credit card.
|
Write a comment about the article
Understanding Your Credit Report
|
