Understanding your credit report can be complex and confusing, especially if an applicant has associated entities such as companies. Your credit history is based on credit history and behaviour. Your income does not directly affect your Credit Score.

However, lenders consider your debt to income ratio when assessing your credit worthiness.

The credit scoring system considers many factors including these below : –

  • Loan repayment history
  • Credit exposure
  • Length of credit history (years and
    months)
  • Types of credit uses. For example
    credit cards, utilities and
    telecommunications

Your personal information will include full name (former names and aliases), your driver’s license number and birth date, employment, any defaults, court judgements and bankruptcies.
Many people also believe that paying off debts immediately will increase their credit score. However, this isn’t always the case. Be Careful !

Bad Credit Report

Flakus and Associates can arrange a detailed credit report to ensure that there are no bad credit issues before your intent to buy and applying for a loan. This can often be a deal breaker for any finance application. Credit card limits can also affect your borrowing capacity, and an incoming financier may place a condition of approval that credit cards limits be reduced or cancelled.

Be ready before making a credit application. Talk to Paul today to discuss your options.

 

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