Which Lenders Have an Eye on Your Credit Report? by joymali


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									                          Which Lenders Have an Eye on Your Credit Report?

Let’s learn about the aspects commonly noticed by lenders on your free annual credit report provided by
the agencies.

       Inquiries: Individuals are allured by the free gifts offered by credit cards which add a hard inquiry
        to the report. Lenders consider that you are looking for lots of credit and are planning to take on
        big debts. It can stamp you with high credit risk. However, soft inquiries are when you, a marketer
        or an employer request a credit check. Ensure that the lender run your credit when you agree to
        the lending options. Moreover, multiple credit checks will leave bad impression on the lender. Old
        inquiries are eliminated from the report after two years.

       Open credit accounts: All that readily available credit which you found lucrative due to free gifts
        can downgrade your financial image in the eyes of lenders. You might have forgotten about that
        credit, but it all aggregates towards the available credit. According to the two out of the three
        official free annual free credit report providers, Transunion and Experian, an individual should
        never close the oldest card as it signifies history. The free credit report agencies also suggest
        shutting off the accounts which are not used.

       Missed payment: One should try paying the minimum payment, or consolidating accounts to
        reduce payments. All the failures are integrated into the report for seven years. Missed payments
        leave bad effects on your credit report.

       Exceeding credit lines: This is another reason that will put your financial condition at stake, and
        also discourages lenders from providing any monetary aid. Experts suggest moving debt off one
        exceeded card to another card whose limit is yet not maxed out. Playing this way you can
        improve your credit score.

       Debt in relation to income: You will not be provided with the best deal if you have unsecured
        credit card debt exceeding more than 20 percent of your annual income. There are high chances
        that you may get high interest rates and your wise move of reducing the debt to income ratio will
        get you better rates on the loans.

So, ensure your activities are not hampering your credit report. It is better to check your credit report more
often and keep track of it. Maintaining financial health is very important these days, so that credit scores
can be improved.

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