Obtaining Your Credit Report A good credit report is very important and maintaining this report is even more important. There are so many instances that require pulling your credit reports, such as car loans, home loans and credit cards. A good credit report is essential to low interest rates. A good credit report will also include a credit score that allows the lender to understand the pride you take in making payments in a timely matter and keeping your credit clean and reliable.
Understanding Your Report A good credit report will usually consist of a score of 700 or more. If you have a score of 700 or more, you will more than likely be accepted for whatever loan you apply for. A good credit report will also contain any inquires or recent accounts you may have been opened. If you have opened a slew of accounts within the last 6 months, it could have a negative effect on your credit. When lenders look at your credit report they instantly decide on your loan . If you have a good credit report you will be contacted or approved immediately. Many times when you apply for a loan and your credit report is questionable, you will receive a letter in the mail with the final decision of no. Keep in mind, not being approved immediately usually means your credit report is not good.
Hidden Negatives A credit report may also contain hidden negativity to which you might not be privy. It is best to obtain your credit report from one of the three major credit bureaus to ensure that you have not missed something that may cause you to not have a good credit report. Oftentimes other individuals’ names can be mixed up and confused with yours causing damage to your credit report. It is unfair to have your good credit report ruined by others’ mistakes, but it can happen and it will take time to repair it even if it is not your fault. Always stay informed as to your credit report standing. It is a good idea to make sure that your credit report is good. Do not wait until it is time to get a loan only to find out for some reason or another your good credit report has turned bad. Good credit reports are a once in a lifetime opportunity, once they have been damaged, it could take years to re-establish good credit. Good credit means getting the home or car of your dreams. Remember that.