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(Member FDIC), pursuant to a license from Mastercard International. Banking services provided by Evolve Bank & Trust or Patriot Bank, N.A. The Aligned Company d/b/a Extra (“Extra”) is a technology company, not a bank. If credit applications are your weak spot or if you are interested in an easier way to build credit¹, we’ve got a solution (cough cough, use EXTRA). Knowing what’s in your credit report, disputing any issues, and being able to speak to your credit history will help you prove your creditworthiness so that you can get credit applications approved with ease. You want to prove to lenders that you’re not a risky person to let borrow money. That way, you’ll be able to explain any mishaps in your report and advocate for yourself if you need to. So, it’s important that you also have access to and understand what they’re reading. You can get up close and personal with what may be holding your credit score back.Ĭredit lenders, insurance agents, and landlords always pull your report when they’re evaluating your credit application.

Debit credit cheat sheet how to#

Knowing how to decode your credit report is crucial because it will help you figure out how to build your credit best.

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Plus, if you don’t get approved for a credit application, you’re entitled to a free copy of your credit report from whatever bureau gave your report to the lender that denied your credit application. To do so, you just request it from them online. You can get a free copy of your credit report from each credit bureau once a year. Here are guides to the codes from each credit bureau:

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It’s important to know that each credit bureau uses different codes, so don’t assume that seeing the same set code from report to report means the same thing. By “code” we mean an actual code, basically a combination of letters and numbers that stand for something. You’ll probably see a lot of codes on your credit report. How long do hard inquiries stay on your credit report? On average, around two years, but they only tend to impact your credit score for one year.

Hard inquiries provide lenders with a timeline of when you’ve applied for credit. You’ll want to pay special attention here because if you see hard inquiries that you don’t recognize, your identity may have been compromised or stolen. Hard inquiries happen when financial institutions check your credit after receiving an application for credit in your name. Too many of them, especially in a short period of time can negatively affect your credit score because it’s a signal that you’re spending more than you make and need credit to cover the difference. Credit ApplicationsĪh, the credit application which leads to a hard credit inquiry.

Unfortunately, they can all hurt your credit. This section is going to include bankruptcies, foreclosures, tax liens, and civil rulings against you.

Adding back of previously corrected data.

A wrong listing of your balance or credit limit.

Accounts in your name that were created because of identity theft.

Accounts belonging to someone else with the same name as you.

You should watch for these errors in this section according to the Consumer Financial Protection Bureau: It’s important to note that late payments can stay on your credit report for up to seven years (yes, seven years) before they’re removed from your credit report by the credit bureaus.

The dates your accounts were opened or closed.

What information is going to show up here? Those aren’t usually included in credit reports. If you’re a renter, though, don’t worry when you don’t see your rent payments in this section. So, your mortgage, student loans, car loans, credit cards, etc., will all be included here. In this section, you’ll find information specific to the credit accounts you have open. If you disputed something and the investigation didn’t resolve the issue, then a consumer statement might explain why you disagree with what happened. Remember those disputes we were talking about? They get logged in consumer statements.

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You can file a dispute to change incorrect information or update your history, but that’s not usually super necessary. Sometimes it’s included in the personal information section. This information is usually there to help verify your identity (in addition to what’s in the personal information section). You want to make sure that the information here is correct and if it isn’t, be sure to file a dispute or report to the credit bureaus to change or update it. This section might seem like a no-brainer, but it’s essential. To that end, the first section of your credit report will include your: Obviously, your credit report needs to identify you upfront.