Your credit report is one of the most important considerations in the loan approval process. A history of good credit shows that you make your payments on time and investing in you is a good move.
What's in a credit report?
A credit report is a detailed look at the loans and lines of credit you have now, or have had in the past. Specifically, your report typically shows:
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Debt from the past seven years, including student, car and personal loans, as well as credit cards
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How much credit is currently extended to you
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Whether you've been late or delinquent on payments to utilities, credit card companies or other lenders
All of these elements combine to make up your FICO credit score - a number that sums up your credit habits. While it's just one factor used in making a decision on your loan application, it's an important one.
> Checking yourself out
> What if you don't have credit?
> Improving your credit?