Credit is one of those things that sometimes you need to survive and then other times can get you in hot water. One of the biggest things you have to remember is it takes credit to get credit. What I mean by that is when you apply for any type of loan, one of the first they the potential lender does is pull a credit report. A credit report is like taking an xray of your financial condition. The three big things most lenders look for is payment history, Debt-to-income ratio and FICO score. Without know much about you they can make a quick determination as to your credit worthiness.
The other thing to remember is if you are one of those people who always pay cash for things, it's a good idea to put some things on credit and pay them off, so you can establish a pay history with the credit bureau.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment