Have you looked in your credit report recently? It contains information that others know , and that you really should know, too about your finances – mostly how responsible you are with your money. Be warned that you will be judged by your actions, so it is important that you know what it contains. Lenders of all sorts, from banks to mortgage companies will determine your ability repay your obligations in a timely manner.

And they will make a quick judgment call as to the likelihood that you will do so, all based on what they read in your credit report. No time for a song and dance. Your credit report speaks for itself.

Regardless of your past – good or bad – it pays to keep a close watch on your credit report once or twice a year. The contents of your credit report will not only determine your financial constraints, but inevitably all the financial decisions you make. Watching your own credit is vital since it provides you with a way to keep tabs on how lenders, landlords and insurers (and increasingly potential employers and various retailers) view you and your financial capabilities.

Given that your credit history is free to view, there is no excuse not to review it on a frequent basis. For certain, lenders won\’t be shy to call it up.

Your credit history will affect your loan application in the following two ways. First, it will determine whether or not you get the loan. Imagine making big plans, doing research, ready to buy and – poof! – the loan you need is declined. Not a happy thought.

That Fancy new TV? Bye, bye.

The cottage you\’ve been wrangling for? Bye, bye.

Finally a new car? Bye, bye.

Second, and this is often the case, the interest rates and even the terms you are given might not be favorable. OK, so your loan application is approved, but… \”You want me to pay HOW much in interest?!?\” That is almost a less pretty sight than having one\’s loan declined altogether.

That Fancy new TV? It just got more expensive.

The cottage you\’ve been wrangling for? Oops, maybe we can\’t afford it after all.

Finally a new car? Perhaps next year.

Your credit history will be called up whenever you apply for a loan of any kind. What the record contains will determine whether you get the loan – and the home, the vehicle, the furniture, the once-in-a-lifetime round-the-world-cruise, the rocket launcher – whatever crazy dream you have.

In other words, with bad credit, you might get the fancy new TV, but you\’ll have to pay for the new car to get it.

Did you know that the most competitive credit cards require good credit these days? And even with credit cards, once approved, a poor credit rating means paying a higher rate of interest than someone who has kept their credit rating polished all these years..

In the U.S., we are seeing a trend toward using credit reports when making hiring decisions and when setting insurance premiums. Crazy, yes, but reality nonetheless. Yes, the credit report is becoming a ubiquitous measure of what kind of financial person you.

So check in to see what is in your credit report, make sure it is accurate, and dispute anything that is not. Polish your credit report, and it will pave the way to good things for you.

Drew Cassels writes for Credit Cards Canada, which offers a selection of Canadian reward cards from which to choose.

Drew Cassels writes for http://www.creditcardscanada.ca , which offers a selection of Canadian reward cards from which to choose at http://www.creditcardscanada.ca/categories/rewards .

Author Bio: Drew Cassels writes for Credit Cards Canada, which offers a selection of Canadian reward cards from which to choose.

Category: Finances
Keywords: credit,credit report,loans, budgeting,consumer