Can You Get A Loan Along With Your Credit Rating?

There is so much talk in regards to credit ratings and exactly how they affect finances

. When you have an excellent score, you have more chances getting that loan you need, but when your credit rating is low, your chances slide down also.

Funding from banks have had tighter requirements since many people have been defaulting in their loans. Increased debt to income ratio could also keep you from receiving funding even with a higher credit score. Applications for loans are more scrutinized than they were even 5 years ago.

For this reason, individuals are working much harder at correcting their wrong financial budgets and working to make a balance between cash flow and debt. Lowering your debt to income ratio helps to raise your credit score.

Another factor of improving your credit score would be to correct any problems that you may find on there. There are specific criteria in which the credit bureau follows with the reporting and elimination of negative reports.

To start the process, you will want to order credit reports from each of the credit companies; Equifax, Experian and TransUnion. You can do this on the web and print copies of each. Read through each one.

You are searching for any incorrect info, fraudulent charges, and highlight dates that unfavorable reports were made. The dates are essential, as negative remarks do expire. This list will provide you the suggestions of when you can expect these unfavorable reports to "fall off" your credit.

1) Individual bankruptcy - Chapter Thirteen will remain in your credit for seven years and Chapter 7 will remain for Ten.

2) Debt which is "charged-off", which means that the creditors wrote your debt off as a loss, will remain for Seven years.

3) Selections records will remain for 7 years after the 180 late payment date from the authentic creditor.

4) Closed accounts with bad reports will remain in your credit for 7 years, but closed accounts without any negative remarks will remain for 10 years.

5) Foreclosure records will remain for Seven years.

6) Inquiries to your credit rating made by creditors will remain for 1-2 years, but if you made your own inquiry, there are no bad reports.

7) Judgments created by the court will remain on your score for Seven years. This includes supporting your children, civil and small claims.

by: Javier Snover

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