Contributed by LearnVest
If you’ve been staying on top of your credit score in preparation to apply for a loan or credit, bravo! You’re doing your due diligence to ensure you get the best offers and lowest rates. However, nowadays it’s no longer just your credit score that you need to stay on top of. More and more issuers and lenders are checking up on other aspects of our financial record and standing to assess whether or not to extend credit to you.
Before it catches you off-guard, take a look at this checklist of which details of your financial behavior, as reported by The Wall Street Journal, could end up helping or hurting you in the credit game.
Your Paycheck And Bank Account.
Assets such as your home and cars may soon become part of lenders’ assessment of your financial risk. One bureau, Equifax, already offers an estimate of liquid wealth as part of the financial information available to bankers and lenders. Also, peeking at your income is becoming more and more common with credit card issuers looking to make sure you can pay your debts. An estimation of your income, based on your credit history, is used by issuers to help determine pre-approved offers and whether to extend your credit.
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