6 Things To Know About Your Credit
Whether you are a millennial just starting to think of possibly applying for a loan, or if you are a baby boomer getting ready to refinance your 3rd house, its always good to keep track of what is going on with your credit and your credit score. Here are some quick highlights as to why it is so important and how you can monitor one of your most important assets. Credit Report Purpose Provides a history of your credit use to prospective lenders Allows lenders to assess risk of extending credit to you Used for all forms of credit, including apartment rental, credit cards, student loans, car & home loans, etc. Establishing Credit Apply for credit card with a reasonable limit Buy something for approx. $100, and pay back in 2 months Do it again, and make sure to pay on time! 4 trade lines will be needed to obtain a mortgage 12 months of activity are needed to develop credit history What Information is Included in a Credit Report? Personal Info: name, address, da...