It’s Not Just Your Credit Score Anymore


Contributed by LearnVest

Just when you thought you had all your financial bases covered, finally working on that credit score and cleaning up your credit report, bankers are pulling a fast one.

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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2 Responses to “It’s Not Just Your Credit Score Anymore”

  1. Mike says:

    It used to be if you kept up with your fico score, you were pretty much in good shape. And to a certain extent, you still are. However, everyone should be aware of the amount of credit owed and available credit line as compared to income. Valuable assets can off-set some variables within your fico score, but in most cases they will not be assets you would want to risk. Bottom line, use credit wisely and if you should get into trouble,find help as quickly as possible as you want to avoid making matters worse.

  2. Alisa says:

    Hey Fab and Fru!

    What’s the best credit card to get for airline miles, weighing information like how easy it is to redeem those miles vs interest rates and other ways of benefitting from using credit cards with points?

    Thanks!

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