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The Importance of your Credit Arja Langdon from Net Fast Lending for Street Gangs Magazine October 22, 2006 Net Fast Lending When applying for a loan, Lenders will evaluate your ability and willingness to repay your loan. Your ability to repay may be judged by looking at your overall income and debt, and how you are inclined to repay the loan, may be judged by looking at your credit. When you have good credit, lenders feel more secure about your ability and willingness to pay back the new loan. One way creditors evaluate your credit is by use of a computer model that analyzes your credit report and gives it a score. The most widely used credit scores are FICO scores, developed by Fair Isaac & Company. Some of the factors that impact your credit score include: Payment History: Making timely payments is the best way to increase your score. Avoid 90, 60, and 30 days late payments on bills, because creditors will report those each time you are late and that will drive your credit score down. If you are less than 30 days late on a payment, it will not be reported. High Credit Limits: Owing a lot of money on numerous accounts may indicate overextended credit. So, the lower the amount outstanding, the more likely it is that your score will be higher. Number of Trade Lines: The number of credit cards, lines of credit and other types of credit you have available will affect your score. If you have a lot of trade lines, this may decrease your score because of the risk that you might not be able to pay off all of your accounts. It is also desirable to have more than one type of credit installment loans, credit cards, and a mortgage for example. Lenders generally want to see that you have credit available and that you can handle your credit wisely. New Credit: New credit is considered more risky. Do not apply for credit that you do not need. Length of Credit: The longer the credit history, the better the score generally. If you haven't started establishing your credit do so immediately. For students, the best way to apply for credit is at college, but only do so to build your credit and do not get tempted to use it excessively because if you are on a college budget you will risk making payments late. Inquiries: Each inquiry will stay on your credit and affect your score. One inquiry can reduce your FICO score by 5 points. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time. Credit bureaus have recognized that borrowers may apply for credit at more than one place for the same transaction when applying for an auto or home financing. Because your credit scores are based upon your credit, it is important that you obtain and review a copy of your credit report. Arja Langdon is from Net Fast Lending (www.netfastlending.com), and she can be contacted at her El Segundo office, just south of Los Angeles, if you have questions about credit, loans, and property. News Topics | Home | Research | History | Blood Gangs | Crip Gangs | People| Life in a Gang | Gallery | Iraqi Cards | Memorial | Migration | Graffiti | Resume| Injunctions Homicides | Maps | Contact

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