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One of the very first things that your lender will check when you're applying for a home loan is your credit score. There are a lot of things that go into your credit report. After all, it’s almost like a report card of how well you manage your finances. Included I your score is your payment history on your loans, how long you’ve had different accounts and whether or not you tend to max out your credit lines are just some of the things that you will on your financial history.
However, there are also other things that haven’t made their way to your credit history, even though you thought that they did. Paying your rent diligently most often goes unnoticed. But there is certain negative financial information that you might have thought could harm your credit history that is not reflected in your credit score.
There will never be any information about your salary that can be found on your credit history. Your paycheck also doesn’t have any effect on your credit score. So having a high salary doesn’t necessarily mean that you’ll get a good credit score, or that people with low pay would automatically get a reduced credit score. However, your income has an indirect impact on your credit score and your access to loans.
A good example of it is when you apply for a credit card. A credit card will ask you to provide your income. Then, they’ll use this information together with your credit history to make sure that you’re capable of paying your statements on time. A higher income gives you a greater chance of getting a higher credit limit. So, with a much higher income, there’s a better chance for you to have an easier time to keep your finances in order.
The size of your savings account or even your investment portfolio doesn’t matter in your credit score. However, the loans that you took out and your payment track records will be reflected on your credit history.
You wouldn’t find any history about your alma mater on your credit report, no matter how prestigious your previous school might be. However, you will find your current employer on the score.
Any other activity that you made using your prepaid card or debit card will not get reported to the credit bureaus. Cash and check do not count towards your report either.
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Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
