Typically, people who manage finances well manage their lives well and are less stressed, likely to be more honest and more in control of their workday and their home life. A credit report is not only reflective of your financial position but your character.

We also delete inquiries from other employers so if you're shopping around for a job, they wouldn't be able to see that.

It's also important to know that when taxes go unpaid, the IRS can place a lien on your assets. Unpaid tax liens can remain on your credit report for up to 15 years, while paid tax liens can remain on your credit report for seven years from the date paid. Both have a negative impact on your credit score.

If you notice anything questionable, such as accounts you don't recognize, or payment disputes, deal with those issues before applying for a home equity loan. It can also be helpful to have your credit score which will tell you specifically the factors in your credit history that could be considered risky by lenders.

Choose an improvement that makes sense for you and your family and one that you can afford.

Creditors normally report updates to their accounts only once a month, so a consumer can't pay down the balance and expect it to be reflected on the report the next day.