Why is your credit report so important to a lender? Well, the answer is obvious – to check the history of your credit deals and to make sure that you will be able to pay their money back. So, what exactly do figures in your report tell a lender? The answer to this question will not be that obvious and easy since there are a number of points that do matter and which you may not even consider.
Most lenders use the so-called FICO score, which many people refer to simply as a credit score. We are sure you’ve heard of it. But did you know that this score depends on five components with different proportion meaning that some of them are more important than others? These components are payment history, amounts owned, length of credit reputation, account injuries, and the number of credits you use. The first component is considered to be most important, while the last two weigh much less. More information on this can be found here What facts do lenders see in your credit report?.
However, you should know that despite being highly important, these are not the only facts that lenders look at. Of course, they will want to know how much you earn, how much money you have on your bank account, how long you have been employed, etc. So, if you are going to get a loan, be ready to provide a number of documents.
Learn to manage your credit score with plscashadvance.com/. Here, you can find information on where to acquire a credit report if you have never gotten credit before, how to calculate your credit score and how to raise your rate if necessary, and other useful information. Apart from that, this is a good place to get a cash loan online. Feel free to ask for help anytime.