The need to move into one’s own house and put an end to paying rent after rent on a yearly basis is an achievable feat only if many of us would follow simple rules and basics that could bring this to reality. I did, and even though I woke up to this realization a little late I still am happy that I know how important it is that I stay more in control of my personal financial life.
Your reputation is key – the most important thing to creditors and any lender out there is to know that you’re a credible person, particularly when they’re to trust you with their money.
Remember that the approval of loans by creditors’ means that they’re taking some kind of risk, therefore the person in whom they’re putting this risk must be really worth it – someone who won’t let them down.
The only way for mortgage bankers to find out how reputable we are regarding finances is by looking at how we’ve fared in previous times. This they learn by taking a look at one or all three of our reports which they purchase from credit bureaus. Records of negative information on reports reflect someone who has a bad financial habit and this will hinder one’s chances of getting a loan approval.
Remember that mortgage banks are in the business to make profits on the loans they give and not to foreclose on homes which the owners default on. Therefore you should make sure you’ve cleaned out any information that will pull you back while working on increasing your score. The higher your score, the better for you as you’ll get good interest rates that will be easier to pay in the long run as opposed to having a low score which will make it difficult and expensive to pay.
To turn your financial situation around for good, you should opt for one of the two credit repair techniques: the self-help or the services of a good credit repair agency.
By Robert Charlson