It is important that you know what your financial status is at all the times especially if you are planning on taking a loan or availing a credit card. It will be useful even when you are facing any emergency situation. You can you will be in a better position to bargain and set the terms.
Just like how you like to be on top of your health and keep going in for a health check-up every so often to see how you are doing, it is important that you keep a track of your financials. The following are the steps to ensure the financial fitness:
Credit monitoring is required at all times and highly recommended because it is very easy for a person to steal your identity and default in your name. While you are doing this also keep a track of the loans that you have stood as a guarantor for as if they default on the payments, you will be legally bound to make the payments for the loan.
Most often people think that the more they access the credit report, it gets recorded and reduces the credit score. You need to be instead be careful while you are applying for a loan at multiple banks. You must shortlist a few banks and apply for the loan or credit. Check your credit report once in 6 months at least to be on top of it. See to it that your debt to income ratio is healthy and make an effort to not let debt cross more than 40% of your income.
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