A good credit history is important. Your credit history demonstrates how well you have handled credit in the past and how you use it right now.
Mortgage lenders, loan officers, credit card companies, insurance firms, and other companies review your credit history-in the form of a credit report- to determine if they’ll loan you money to buy a car, get a mortgage to buy a home, obtain a credit card, and the like.
Your personal credit report begins from the first time you apply for credit. From that point on, every time you apply for a car loan, another credit card, store card, or vacation loan from your bank or credit union, information is added to your report.
The most critical component of a credit report is an indication of whether or not payments have been made in a timely fashion.
Any time that a credit report shows late payments, (30 days, 60 days, 90 days, or more than 120 days) a “red flag” is raised and credit may be denied or may be more costly to obtain.
Mortgage lenders, loan officers, credit card companies, insurance firms, and other companies review your credit history-in the form of a credit report- to determine if they’ll loan you money to buy a car, get a mortgage to buy a home, obtain a credit card, and the like.
Your personal credit report begins from the first time you apply for credit. From that point on, every time you apply for a car loan, another credit card, store card, or vacation loan from your bank or credit union, information is added to your report.
The most critical component of a credit report is an indication of whether or not payments have been made in a timely fashion.
Any time that a credit report shows late payments, (30 days, 60 days, 90 days, or more than 120 days) a “red flag” is raised and credit may be denied or may be more costly to obtain.
