Basics
Your credit report is updated to include:
- maximum available credit
- outstanding balance
- status of credit line
- total credit lines
This can help you, especially if you are building up your credit.
Outstanding Balance
Your outstanding balance on each credit line should be listed on your credit report. If you have made a recent payment on a credit line that is not reflected on your credit report you may choose to document this with your mortgage lender.
Status of Credit Lines
You may have a line of credit that has been paid off, such as a car loan. Make sure your credit report is up to date to reflect items such as this.
You may also have a line of credit that erroneously lists a late payment. Work with the creditor to get documentation from them proving that you were not late. This written documentation can then be forwarded to credit bureaus to update your credit report, and to a mortgage lender as part of your loan application.
Total Credit Lines
This is a listing of all your creditors. If you are just building your credit you need to make sure that all of your creditors are reflected on your credit report. It shows a mortgage lender that you are able to manage more lines of debt.
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