6 Things On Your Credit Report That Scare Lenders

Everyone is aware that late payments, charge-offs and bankruptcies make it difficult to get a loan. There are many hidden items that can make a lender have second thoughts when they pull your credit score.  Here are six that might cause you to get turned down.

• Opening multiple lines of credit in a short time span. It makes lenders think that you need the credit to pay your monthly bills.
• A short sale on your mortgage. It is a myth that a short sale does not hurt your credit score. It counts the same as a foreclosure to most lenders.
• Co-signed loans count towards the maximum debt you are allowed to have, so the co-signed loan could prevent you from getting another loan.
• Minimum payments on credit lines.
• Lenders do not like to see a lot of credit inquiries. This appears the same as applying for multiple credit lines.
• Getting cash advances from your credit cards. It is usually a sign of financial desperation.

Getting a loan can be difficult in the best of circumstances. Most people take it for granted that the credit they need is easy to get, but, if you do not take care of your credit score, it is extremely easy to make yourself uncreditworthy.