Credit Report

[ahmadjee]

How often do you look at your credit report? Do you know how it works?! How much does it effect your interest rate when you ask for a loan, say for mortgage?

I have yet to see my credit report, maybe because I have yet to be denied a credit card or a loan. Neither have my CC been hacked. Thank God. Though I would like to know if I improve my credit report, would I getter better loans.

[kiyani]

for all the activity on your account, they come up with a totall figure. lets say you have one credit card and some bills for a year. you will have max number aroun 4-500. If you paid all the bills on time and you had a lot of trasanction then you scored full. Each late payment, delay, credit check, and load of other stuff dings your report! once atleast two years you shuould check you report!

Suggestion: you do NOT want good or bad loans!

[Khattana]

I have had it checked once. I think it is good to have it checked just in case as you never know when you may need a loan. I don't think it affects the kind of deal you get- just how much you would get but I may be wrong. To improve your rating you need many loans- the more loans you have (with regular payments) the better your rating!!

[Degas]

kiun satate ho yaad kara kar.. there r a matrix of late payments usually careless ones.. never tried to care..

[[email protected]~]

Degas...dont worry...i'm also in the same boat

but achee hi baat hae....that way we wont take loans...waisay bhee karz koi achee chez nahee, qarz lanat hae

[Mr Fraudia]

actually having some loans like a car payment where you have been making payments on time is seen very favourably when you are looking for a bigger loan..lets say a mortgage.

having no credit history is almost as bad as having bad credit history.

[Spock]

I have a question...

I have been here in the US as an intl. student for just one year, and just have one credit card (a student one)... So far I have only used my card very rarely, I bought a new laptop on it, paid half the amount, and then half of it I pay in monthly installments, but the amount is not much, like $100 per month. My question is, what will my credit report be like? Ive never delayed payments or anything, but I dont have alot of transactions in total.

Thanks

[Khattana]

Originally posted by Spock:
I have a question...

I have been here in the US as an intl. student for just one year, and just have one credit card (a student one)... So far I have only used my card very rarely, I bought a new laptop on it, paid half the amount, and then half of it I pay in monthly installments, but the amount is not much, like $100 per month. My question is, what will my credit report be like? Ive never delayed payments or anything, but I dont have alot of transactions in total.

Thanks

You can find out by sending a nominal fee (£2 in the UK) to companies such as "experian" who keep the reports. The companies that you would use to get loans etc would use that info according to their procedures. Different financial companies interpret the data differently so it is difficult to know how you would do even if you had your report. What is important is not to have any bad credit as that would be included in this report.

[Mr Fraudia]

spock make sure you keep making all payments on time, even with one card in a year or two you should have a pretty good credit rating.