About Credit

Find out more about your credit and its effect on swimming pool loans

Pool Loans require that you are familiar with your current credit situation. There are pool loans available for all types of credit including Excellent, Good, Fair, and Poor. Credit is defined as an agreement between a borrower and a lender in which the borrower receives something that is of value to them now, and agrees to make payments on it later. Generally there is interest added into the value that the borrower has received. A consumer, or borrower, has a line of credit. This is the amount of money that is available to them based on information about the consumer. Lines of credit may either be secured or unsecured.

Many times it can be hard to obtain credit if you have never had any. Most financial institutions are not just going to hand over a large sum of money without making sure you are a good risk to pay it back. This is where you need to make sure you have managed your credit history. Many think that they do not have a credit history at all but are surprised to learn that they really do. If an individual has a membership to a local place of business or has any loan, this will typically contribute to a credit score. There are pool loans available for all credit grades including post bankruptcy

The first step in checking your credit is to obtain a copy of your credit report. You can get a free copy from any of the three major credit bureaus: TransUnion, Equifax, or Experian. Federal law states that each individual is entitled to one free copy once a year from each of these credit bureaus. You can also check your scores for free by using the service on this site.

If you wish to make your credit score more appealing to a potential lender there are many things that can be done. Consider any of these steps in making a credit score work better for you.
Pay all bills on time. Set up payment reminders in order to make sure all bills are paid when due. If you are moving, make sure to contact every place that sends bills to ensure all bills are paid on time. Try to get a store credit card, and use it wisely. Spend what you can afford to spend, and then when the bill arrives, pay it off in full.

Ask your bank where you have a checking account for a credit card. Collateral may be used to ensure that if a bill is not paid, a source of funding will be available to pay for it.

Do not apply for every credit card offer that comes your way. This has the potential to hurt your credit score. Every time an individual opens a credit card or applies for one, it may count as an inquiry on the credit report and can affect your credit score.

Lenders look at many factors when a consumer applies for credit. There are 3 C’s for good credit history: Client history, collateral, and capacity. Lenders will look to see if bills are paid on time each month, how much, if any collateral there is to repay back the loan in case payments are not made,and the ability to pay back what the consumer owes based on what their financial situation is.Pool loans these days do not require any collateral. These types of loans are what is called unsecured loans.

Once you have established your credit, it is very important be responsible with it. The following are tips on how to maintain good credit.

Set a limit on how much you can spend each month with your credit. Only count in income that you know is guaranteed. At the end of the month, try to pay it off in full. If you use a credit card for day to day expenses, such as gas, groceries, or entertainment, make sure that portion gets paid off in full each month. Interest charges will be lower each month when you can afford to pay off more.

Credit is something that everyone will have in their life and needs to be managed. Good credit can be obtained easily by being responsible, and following the tips that are listed above. Use your credit wisely and you will be sure to get the best deals around town.

*The above content is for informational purpose only. It does not constitute professional financial advice. If you have more questions, please reach out to a financial advisor for more information.