One of the most vital requirements in mortgage application is your credit record. Your application for a loan can usually be rejected if you have a poor credit standing. To be able to clean up the mess and get a high credit score, you should be able to be responsible in settling your dues on time. And you have to file a dispute if you have found out that there is something wrong with the report. Moreover, you have to be vigilant in every transaction you made since this can greatly affect your credit rating. Some of these factors that can pull your score down are habitual late payments, suspicious transaction and more.
As what experts in mortgages advice, you need to fix your credit first before engaging into another financial obligation. There are cases that you can still be granted a loan but you will surely get higher interest rates. Aside from that, you are required to pay a significant amount of down payment. Lending institutions are just securing their business from negligent borrowers.
Initially, if you want to clear your name from having a poor credit record, it is your credit score that you should put your focus on. Look for different ways on how to pull the numbers up. Do not be dismayed if you got the lowest rating from credit bureaus, there are also a lot of ways on how to clear your name.
When you begin repairing your credit, you have to determine the flaws or issues. You can do this by furnishing a copy of your credit history from the credit agencies. These reports will show you all the transactions you made in your credit cards and other credit accounts you have. Look for errors if there are some. And when you found one, then do not be afraid to file a dispute regardless if it is just a small amount. You need to tell them to investigate and clear your name about it.
Do not be too lazy with your checking of reports. Use some highlighters so you can easily find those suspicious transactions. Some of the things you have to be aware of are deals that you have never been involve even before, and other transactions that you are filing for dispute. Do not forget to keep the photocopy of all the reports for your reference in the future.
When you are filing for dispute, be sure to read the given instructions carefully. In case that you can not find the instructions, write a letter to the credit bureau and state the transaction that you want to be corrected. Upon sending the letter, attach the report that highlights the transactions that you are talking about. In this way, the credit agency can have better understanding on the complaint and think of the right response to the issue.
For those past due accounts, make sure that you pay all of them as soon as possible regardless of how much your overdue accounts are, you need to settle them so you can clear out your name. Doing all of these things will definitely improve your credit standing.
Taking good care of your credit standing is a must since this can greatly affect your mortgage application. If you want some financial assistance, make sure to prove to these credit officers that you are responsible enough to settle your dues on time. As soon as you have successfully done this, you can now apply for a loan to start your home buying procedure.
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