Applying for, being approved for and responsibly meeting your debt obligations are the earmarks of integrity when it comes to the privilege of having credit.
The lender wants to see, in the bureau reports, in the requests for information about your accounts, how you manage money.
If there are no records demonstrating how you manage money then it stands to reason that the lender has no frame of reference to go by which will serve as an indication of your creditworthiness, and will deny your loan requests when it comes to the big ticket items, such as an automobile or a home.
Lenders are going to review the kinds of loans you've taken out over the years and the way you pay them back. If there's no history demonstrating your experience with a creditor it's going to get rough.
Excellent and poor credit profiles show that there are many different types of debt in them, and also show the lender how you deal with these different types of debt, i.e., mortgages, revolving lines of credit at the department store or your regular credit cards for everyday purchases, including gas cards, student loans and automobile payments.
Having a good credit history is a must when applying for a home loan.
What are your thoughts?
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