Loans With Bad Credit
A lot of people worry that they are never going to be able to take out a mortgage because of their credit score. While your score is considered when applying for a mortgage, this doesn’t mean that you are out of options! Let’s start by making three things clear:
1.Y can ouwork on your score; it can be improved.
2.There are options, including loans with bad credit applicants being considered.
3.Thescore needed to buy a home differs from lender to lender; it is subjective.
At MortgageQuote.com, we often get asked: what is the required score to buy a home? There is no set score per say, as every lender is different. They will look at your credit history as a whole, as well as considering a number of other factors.
Start Off by Checking your Credit Score
It makes sense to start off by checking your credit report. Not only should you find out what your score is, but you should take a look at all of the information on your report. It is not unheard of for there to be errors on reports. If you notice something incorrect, you will be able to get in touch with the company at fault to request that they change the information on your report.
“Good” Credit is a Subjective Concept
It is also important to recognise that “good” credit is subjective. A lot of people fear that they have a bad credit rating when, in fact, their rating is pretty good. Therefore, getting in touch and finding out where you stand in terms of mortgage options can help you to have a better understanding.
Mortgage Programs Geared Toward Bad Credit
There are some mortgage programs that are geared towards people with bad or poor credit. Not everyone is going to qualify, but if you enquire and apply to get a mortgage quote, we will be able to see if there are any options from our programs that will be suitable for you. At MortgageQuote.com, you can expect a judgment-free zone. No matter how bad you fear your current situation is, we will provide you with the guidance you are looking for in a friendly and safe environment.
How can you Improve your Credit Score?
The good thing about scores is that they can be improved. There are a number of different steps that you can take to improve your score and enhance your chances of getting a mortgage, including the following:
- Make sure that all of the information on your credit report is accurate, including your contact information, previous address data, and all of your financial data.
- Avoid applying for new lines of credit before making your mortgage application. When a hard search is carried out on your report (which happens whenever you apply), it can harm your score. This is why it makes sense to avoid applying for any credit in the foreseeable future if you can help it.
- Think twice before closing your card accounts. If you think you will spend the credit available to you, by all means closing your account makes sense. However, having credit available and not using it can make a positive impact on your score.
If you would like to get a mortgage quote and find out whether you are eligible for any loans with bad credit, please do not hesitate to get in touch. The worst-case scenario is that you will receive some great guidance on how to improve your score and get in a better position to secure a mortgage. However, you just may find that there are some mortgage options available to you, so don’t rule this out. Instead, get in touch and we will help you to get a better understanding of your current position.