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Why You Must Repair Your Credit
Patrick Akele
Having a good credit is a good thing since you don't know when it will be called upon, a good credit report tells a lot about you. Lenders can decide within seconds whether you are credit worthy, since your credit report speaks lot about your personality, therefore it is necessary to put it in order, so as to make you credit worthy.
Credit is an agreement between a lender and a borrower whereby the borrower agrees to repay within a specific time, now if you apply for a loan or a credit card, the lender would want to find out if you are credit worthy, based on the information the lender get from your credit report, the decision will be made whether you would be given the loan or credit card, if your credit report shows that you are very late on repayment, then your chance of being approved will be reduced, therefore in order not to find yourself in this situation you must repair your credit.
You might be wondering why repairing your credit history is important, the whole truth about credit report is that, it is not only when you apply for a loan that your credit report will be called upon, insurance companies, landlords and potential employers want to see it. Put yourself in a situation that you are about to get a very nice job offer, only for the employer to look through your credit report and deny you the job, how would you feel, may be that might be the job you have been waiting for all these years, only for poor credit report to make you miss it, think about it.
You know your credit report speaks volume about you, if you have demonstrated inconsistency in repayment in the past, it simply means that you will do it again in the future since the report portrait your image, credit report reveals how much dept you are owning and the number of inquiries made on your credit history.
Since Lenders use your credit score to decide whether to grant you are loan, they look at it from the following view points, payment history 35%, outstanding debt 30%, length of credit history 15%, new credit application 10% and credit mix 10% and compare it with those of other consumer in order to determine your credit score. Credit score rating ranges from 300 to 800, if your score is higher then you have a good credit rating, therefore start working on it today so as to increase your chances of being approved when you apply for a loan. For more information visiit www.myloanfinancing.blogspot.com
Article submitted Saturday, October 04, 2008
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