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Your Credit Score and Getting a Personal Loan

Your Credit Score and Getting a Personal Loan

by Your Credit Report | Jul 30, 2020 | Personal Loan

People apply for personal loans for all sorts of reasons. But if your credit score isn’t up to par you could get denied or receive a loan that has very high-interest rates or at a lower dollar amount than you need. So, before applying it’s important to...

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Don’t apply for multiple credit cards or loans a Don’t apply for multiple credit cards or loans at once – lenders will do what is called a “hard inquiry” on your credit report and that will slowly chip away at your credit score. When you are first building credit take it slow and steady and space out your credit applications.
It’s important to know your score and monitor yo It’s important to know your score and monitor your credit report, you need a clearly see that roadmap to your financial goals and keep your credit in check because when it comes time to buy your house or get a car, your credit score will dictate your interest rate and a low rate could save you thousands of dollars over the course of your loan
You should be reviewing your credit pretty frequen You should be reviewing your credit pretty frequently, there are SO MANY tools available to keep track of your score to know where you stand. Head to our website to learn about which one fits your needs best
Keep credit utilization low – it’s a smart ide Keep credit utilization low – it’s a smart idea to use less than 30% of your available credit. If your limit is $10,000, use less than $3,000 once you push over that 30% you'll start to see your score drop
Keeping an account open that you don't plan on usi Keeping an account open that you don't plan on using anymore, maybe you bought a TV from a big box store and don't plan to buy anything else, will help to keep your limit of available credit high which makes you look good overall, the lender will eventually close it for inactivity and that won't negatively affect you
The most important thing to a good credit score is The most important thing to a good credit score is maintaining smart credit habits and building your history of on-time payments...seriously, there is no excuse for late payments, open up your planner, your calendar, whatever it is you use and schedule a reminder
Throwing pennies in your piggy bank won't help you Throwing pennies in your piggy bank won't help you build credit but nowadays you can actually build credit for reporting things you already pay for monthly like your cell phone bills, utility bills, even rental payments.
Building a good credit score takes time and is one Building a good credit score takes time and is one of the most important factors for your financial future. When it comes to things like a car loan, home mortgage, credit card rates + limits, leasing an apartment, and more; your credit is the metric that lenders will look at first and foremost
Your source for the latest tips and trends to buil Your source for the latest tips and trends to build your credit and elevate your financial success! We’re excited to be here to share our collective knowledge, wisdom from the experts, and mistakes of our forefathers to help you hit your financial goals quicker
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