Bad Credit? How to Apply for Mortgage

Bad Credit - Bad Credit? How to Apply for Mortgage

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If you have imperfect credit, you're not alone. Many people struggle with bad credit for varying reasons. For instance, you might have been a victim of recession and lost your job unexpectedly. Or possibly you might be in the middle of the divorce process. Sometimes, bad credit is a consequent of a failed effort in business, financial mismanagement or poor spending habits.

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Bad Credit

If you plan to apply for a mortgage loan anytime soon, then you need to start working to improve your bad credit. The good is that you can still apply for a loan as long as your bad credit is in the past. On this post, let us take a closer look at the steps that you can do to increase your chance of getting approved for a mortgage loan.

Clean up your credit report. Ask for a copy your credit narrative from each of the three major credit bureaus. Thought about study your report. See to it that it contains no errors, unauthorized charges or inaccurate information. All consumers have the right to dispute errors in their credit files and this is a quick and smart way to boost your credit score.

If there is a negative remark in your narrative that is older than 7 years, be sure to ask the credit bureau to remove it from your file. For instance, if you filed for bankruptcy before and it has been 7 years, the narrative should not be included in your most recent credit report.

Improve your credit score. What else can be done to improve a low credit score? Of course, you must make sure that you have no past due debts in any of your accounts. You need to instantly submit your payment to show creditors that you are seriously taking care of your personal credit rating. If you have bad credit, you cannot afford to make other late payment. In addition, you must keep your credit usage minimal. Ideally, you should not use more than 20% of your credit limit.

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