Provident Bank is proud to support and recognize September 15 through October 15 as National Hispanic Heritage Month. National Hispanic Heritage Month honors the cultures and contributions of both Hispanic and Latino Americans as we celebrate heritage rooted in all Latin American countries. During this month and throughout the year, Provident Bank is proud to share history, tradition, and accomplishments of Hispanic and Latino Americans of past and present.
For more information and resources on National Hispanic Heritage Month, please click here.
A solid credit history can be one of your most useful and powerful financial assets. A record of prudent credit use and prompt payments can enable you to not only qualify for credit when you need it, but it may also enable you to get a lower interest rate on your borrowing.
There are three main credit agencies that gather financial information on individuals and then make that information available to lenders to help them determine whether to make a loan to someone. The information they compile includes a great deal of basic data such as age, Social Security number, current and previous addresses, employers and marital status. They also get information on your borrowing history from places you have borrowed such as with credit cards issuers, mortgage lenders and others.
Your credit report probably includes all the credit relationships you have, date established, maximum allowed credit, current balances and payment history. Indications of a solid credit history include some, but probably not extensive borrowing, and regular, prompt payment of bills. Some items that could hurt your credit report include bankruptcy, late payments, too many credit cards with balances close to the limit and even too many applications for credit.
Lenders may use a credit report, along with evaluating your capacity to repay, and any collateral in making decisions to lend you money. Many lenders also take these same issues into account when deciding what interest rate to charge or type of loan to offer. Credit card companies may use credit reports extensively to determine what types of rates and fees to offer on different cards.
It is important to make sure your credit report is accurate and up to date. You can get copies by calling these credit agencies:
If you see an error on the report, be sure contact the credit agency. Tell them of the error and ask that it be corrected. Negative information generally remains in your credit report for seven years and bankruptcies may remain for 10 years. However, most lenders pay particular attention to your most recent couple of years of activity.
Being aware of your credit report, making sure it is accurate. Working to improve your credit characteristics and understanding the importance of your report can all help you ensure that credit will be there when you need it.
Whether you’re looking for a first time home buyer loan, a refinance loan, or a home improvement loan, a home is one of the most important and rewarding investments you will make. Visit www.provident.bank to contact one of our experienced mortgage representatives in your area who can help guide you through the process with skill and commitment.
Equal Housing Lender