When One Is Considered Creditworthy

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » When One Is Considered Creditworthy

When One Is Considered Creditworthy

By
Add to Favorites:

When is a person considered to be creditworthy? It is when his credit report shows no indication of bad paying reputation. This is when all debts and mortgages are settled. What then would be the benefit of being a credit worthy? When you have a good credit history it would be very easy for you to get approved of a loan or apply for a credit card. But what if you never had any debts in the past, would this mean you are pretty much qualified to be called creditworthy? The answer is no.

Having no record of credit is never an assurance that. Companies are safe investing on you. One should understand that the credit history is where lenders first check on you. With no credit report, they would not have any basis for their investigation thus making you a weak candidate. It takes time and patience building one's credit history. You wouldn't be able to achieve in a snap o a finger as other service companies claim. Yes, they can give you some guides but they can never design a shortcut for you.

First thing you can do is build a good personal background. Aside from the credit history, lenders are also interested on how you manage your job, your home and your lifestyle.

If you don't have a credit history yet and would like to give lenders a good impression of you then try your best to keep an impressive employment record. Stay in a job longer and try not to be unemployed for a long time. Long period of unemployment would give lenders an idea that there could be possibilities of non-payments should they approve your loan or credit card application.

It is the same thing with your residency, the longer you have stay in just one place, the better your chances are.

These factors may not be the major basis for your creditworthiness but they sure are helpful.

Out of desperation, we sometimes give in to some offers laid to us by service companies. Individuals or companies claiming that they can help you with a quick fix are not at all real. Once you give in, you'll only lose your money gaining nothing in the end.

If you're serious building your credit history, better talk this out with an expert. But then again be very careful when they ask money in exchange of their service. Don't let scammers take advantage of you.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How the Fed Rate Rise Impacts Credit Cards

How the Fed Rate Rise Impacts Credit Cards

By Credit-Land, Posted: May 25, 2017

Recently, the Federal Reserve hiked its benchmark rate by a quarter percentage point, as a result, you could see a rise of the interest rates on your credit cards by 0.25%. That was the first hike of the key rate in 2017 and the Fed ... Continue reading
Top 5 Credit Card Offers For Those With Excellent Credit

Top 5 Credit Card Offers For Those With Excellent Credit

By Credit-Land, Posted: May 25, 2017

Do you have excellent credit? If so, banks are actively looking to win you as a new credit card customer by offering some unprecedented deals. Although banks have been more careful about acquiring customers with questionable credit ... Continue reading
Interest Free Credit Cards: Pay No Interest Until 2019

Interest Free Credit Cards: Pay No Interest Until 2019

By Credit-Land, Posted: May 23, 2017

Carrying a balance on a credit card is wasting your money on interest fees. It is easy to avoid interest payments on purchase transactions by paying off the entire card balance by the due date each month. But what to do if you are already ... Continue reading