Your credit can make you or break you, and having bad credit will definitely break you. Bad credit will stop you from qualifying for credit cards, home loans, car loans, and may now even effect you getting a job.
If you really aren’t sure what your credit is like, then you probably need to pull a copy of your credit report and review it for mistakes along with your pay history. This is the first step in making sure your credit is clear of any problems that may prevent you from moving forward. You’ll need to take into account any open accounts along with double checking to see what you are listed on as the primary that you aren’t aware of. There are plenty of people lurking around out there that can access your personal information, and if you see an account that you don’t remember opening, then call that creditor immediately and tell them what’s going on.
Too many open accounts can drive down your credit score, because it looks like you are living on credit. Having too many accounts open that you aren’t using can give you bad credit, because when spending patterns aren’t consistent with the new behavior it throws up a red flag to the lender. In other words, if you use your card and pay it off every month, or you have an open account that you haven’t used and you start using it all the time that alert the lender that issued you the credit.
Running high balances can give you bad credit too. Remember, that keeping your balances at around 40% or less of your available credit is wise. Going above that percentage will start bringing your credit score down, so use your credit wisely. For more information on how to maintain your credit, and qualify for a loan please visit www.fhaloansnow.net.
-Mayer Dallal
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment