Timing Is Everything

It is a good idea to check your own credit report and score before applying for any major line of credit or a home mortgage. That way you know exactly where you stand and you can address a mistake in your report if -- there is one -- before it hurts your application. When you are reading through the report, pay close attention to the dates that indicate when a creditor last sent an update to the reporting agency. If you have recently made a sizable payment that substantially improved your credit limit to balance ratio, or wiped out a past due amount, check to see if it is listed. If the most recent update from the creditor was before you made that payment, you might want to wait on your application or contact the lender and ask them to send a more recent update to the reporting agency. Timing is everything. Your credit report might give one impression at a certain time and a different one a month later.