Want to "Cap"? Monitor Your Credit Report

You may want to consider doing a thorough check on your credit report if you haven't done it for a while. You might be surprised at how inaccurate and out-of-date many of these reports really are. If you're like me, though, you assume that everything is okay until you get denied a loan or apply for a credit card that gets turned down. Fix My Credit Then, you know something must be wrong and finally take the initiative to investigate the matter.
I finally took the leap and evaluated my own credit report after I was initially declined a loan. I was shocked by the things I found on that report. They listed debts I had paid off over a decade ago and still listed them as being unpaid. I never knew these debts were still on my report and I was furious with the companies that were happy to take my money but didn't bother to update my records, making my credit report look bad. Fix My Credit
I discovered that, even though I had made payments on time and the debts were clear, these parts of my report were ruining my chances of getting the loan I wanted because it looked as though I still had longstanding unpaid debts. The loan companies use my credit report to evaluate my application and to determine my ability to pay back a loan. This is called the "customer's cap", by the way. The word "cap" means "capacity to pay".
I used to be a loan officer once, so I should know the importance of having accurate information on an individual's credit report. As a loan officer, I would look at the applicant's report and make some calculations to see what the person's "cap" was. From that, we knew who were the most likely to be able to make payments on the loan we were offering them and who weren't. Fix My Credit Loans were granted and denied on the basis of the individual's "cap" and their credit report. I hated telling people they couldn't qualify for a loan but, business was business, and we really had to do it.
The math involved in granting a loan is complex, but basically, if we decide a person's debt is higher than his or her income, he or she won't "cap". This means that the person just won't get the loan they are looking for. The loan officer needs to make these determinations so that the loan company won't end up making a bad decision and so that the customer won't be overtaxed by loans they can't afford.
In my case, the credit report showed that I may have problems making payments on the loan I was interested in because I still had these outdated balances showing up as obligations. After a few tense phone calls, I was able to Fix My Credit report and, in spite of the hassle, I got the loan I was looking for.
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Fix my Credit, my score

As much as you might hate it, good credit is necessary to have if you ever want to make a large purchase.
If you ever hope to own your own car, house or even expensive electronic devices, the odds are that you are going to have to get some sort of line of credit in order to be able to afford it. The average person just doesn’t have thousands of dollars in cash to drop on these purchases.
If you apply for a line of credit from a bank, credit card company or other lending institution and are declined, you’ll probably be confused and angry. Especially, if the result of your credit check shows derogatory credit, you’ll need to know what that means in order to deal with it.
If your credit check shows that you have derogatory credit, you may have an opportunity to explain why it appears on your report. Fix My Credit Most negative credit of this type occurs when you have allowed a loan to go unpaid for a significant amount of time, usually resulting in the debt being turned over to a collection agency.
Keep in mind that financial contracts and debts of all kinds can contribute to this type of result, included apartment leases, unpaid utility bills, and late student loan payments. Most creditors will be able to find out the situation behind the negative credit all on their own, but if you are asked to provide an explanation yourself, there are a few things that you should keep in mind. Fix My Credit
First of all, you should provide written confirmation of the exact situation from the lender that is reporting your derogatory credit.
This should be written as a formal letter and should contain some if not all of the following types of information: an honest acknowledgement of the personal and financial situation that caused the lapse in payment to occur, a statement of the extenuating circumstances that were out of your control, an honest statement of how your situation has changed now and what you will do in the future to be different in terms of payments.
There are a few things that you shouldn’t do when you’re working on your explanation of why you have derogatory credit. Fix My Credit First of all, you should never deny that a negative record of credit is yours or try to claim that you are not responsible for negative credit. Honesty is always the best policy.
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