What do you need to know when borrowing?

What do you need to know when borrowing?

Banks review loan or credit card applications based on your credit information

If you're just starting out in your career, it is difficult for creditors to assess your financial health and approve your application. However, this situation usually resolves itself as you gain more career stability and higher income.

What do banks look out for when assessing you?

  • Your credit information is important when bank's review your credit worthiness.
  • Based on your credit score, banks and creditors can predict how creditworthy you are.

Five things to keep in mind for a good credit score.

A good credit score increases your chance of getting better rates and higher credit limits.

When you borrow or apply for credit, take note of what banks assess about you and your credit experience:

  • Your balance and types of accounts you have
  • Late payments
  • Non-payment
  • If you have applied for new credit recently
  • How long have you had your credit cards with other banks?
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