Analyzing Credit

Type of Accounts

• Revolving (i.e. credit cards, unsecured line of credit etc.) 1x30/12 months
• Installment loans (i.e. suto loans, student loans and personal loans) 1x30/24 months
• Mortgages (i.e. loans secured by real estate, either 1st or 2nd mortgages) 1x30/24 month

Examining your Credit History

A credit report can look a little confusing if you have nver seen one, but it is really quite simple once you get used to it.  If you have trouble reading your report, ask for help at the credit reporting agency.  Someone will show you where the codes are located on the report.  Look for the infromation listed below on your credit report.

• Your employment
• The location of the credit reporting agency nearest your current address
• A list of your accounts with reporting creditors containing the following details

               1. Name of account

               2. Comment about the account, such as CURR ACCT for current account or DELINQ 120, for an account

                   that has been delinquent for at least 120 days

               3. Status of the account, identifying it as positive, non-evaluated, or negative.

               4. Date the account was opened

               5. Scheduled monthly payment amount

               6. Date last payment was made

               7. Type and terms of the account

               8. Payment history during the past 12 months

               9. The original loan amount (ORIGL), credit limit (LIMIT), historical high balance (HIBAL), or original

                   amount charged to loss (C/OAM), represented in dollar amounts.

               10. Balance owing, balance date, and amount past due, if applicable.

Typical Codes on Credit Reports

C- Current

1- 30 days past due

2- 60 days past due

3- 90 days past due

4- 120 days past due

5- 150 days past due

6- 180 days past due

- (dash)- No history reported for that month

Blank- No history maintained; see status comment.