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Work on your credit score

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  • Work on your credit score

    Your credit history is one of the first things that the lending institutions look at when they review your home loan application. It clearly outlines a person’s financial and credit performances in the past which holds a serious weighting as to whether or not you qualify for a loan, the amount you qualify for and the interest rate you stand to pay.

    You are entitled to apply for a credit report on yourself every year from the government credit bureau, free of charge. You should carefully analyse your report before applying for your home loan so that you can take steps to improve it wherever you can. Be on the lookout for incorrect records and if there are any mistakes, write to the credit bureau in question, explaining what needs to be changed and why. Remember to send your requests through with all the necessary supporting documentation wherever necessary.
    Private Property lists property in South Africa. We cover property to let and for sale.

  • #2
    Re: Work on your credit score

    :O ha ha :O

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    • #3
      Re: Work on your credit score

      Borrowers with higher credit scores can get a mortgage at a much favorable rate and term than those with poor rating. Such variations can potentially save you thousands of dollars over the full term of your loan. Besides, it's getting harder for potential home buyers to get a loan nowadays if you don’t have a strong credit score.
      http://secubond.co.za

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      • #4
        Re: Work on your credit score

        If you're looking to improve your credit score you can do so by getting a prepaid credit card, paying the monthly on one can help you build a better credit rating and they have additional benefits like online payment protection and the fact that you don't need a bank account to get one.

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        • #5
          Re: Work on your credit score

          Just by paying agreed monthly credit commitments will improve your credit rating. There are mortgage lenders who do not use credit scoring, for these lenders, speak with a mortgage broker

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