Excessive credit obligations will slam your efforts to get a loan in the dirt ! When a borrower assumes a loan or a revolving line of credit they've taken on some serious credit responsibility and they need to assure that their payments are made on time to their creditors.
When a borrower makes a late payment it shows up on on their credit history when it's reported to the credit bureaus. When they default on a loan they're not only placing their credit at risk, but they might also be setting themselves up for legal consequences that could have a devastating effect on their lives, now and in the future.
Don't forget, garnishments and bankruptcies stay in your credit files for years, and even when the question of whether or not there's ever been a bankruptcy on your record surfaces on a credit application, even if it's been discharged, your still liable for the information on a new credit application or you could possibly be charged with fraudulent misrepresentation.
Remember, negative information on your credit history will make it tough or impossible for you to get a loan.
Make sure you make your payments on time, and, if your falling behind or in default, make sure you stay in touch with your creditor or lender to work out a plan that keep you on a healthy road to revovery.
Save your credit !!!
It will save you !!!
What are your thoughts about good credit ?
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