Archive for category Credit Information
10 Ways to Keep your Credit Rating AAA
Posted by Top Home Loans in Credit Information on September 3, 2010
Everyone wants to generate the best credit rating possible. They want to be able to do this with as little effort as possible. It is very easy to have a great credit rating. It just takes a bit of work, and you can have an amazing credit rating. Below are 10 ways to perfect your credit score.
1. Never miss a payment. Avoid missing payments on your credit cards, PLCs, loans, mortgages, etc. Don’t do it ever.
2. Never max out your credit or carry large balances on your credit products.
3. Never close credit accounts. By closing old accounts this causes your account life to be shortened.
4. Never co-sign on anything. Co-signing sounds like a nice thing to do, but it can destroy your credit rating.
5. Never declare bankruptcy or get a consumer proposal.
6. Never spend more than you make. This is a recipe for disaster if you do this.
7. Never pay credit with credit. The banks will never find out, but this is a really bad habit to start.
8. Never buy what you can’t afford. Instead of buying what you want, buy only what you can afford.
9. Don’t sign up for a credit card only for a ‘reward’. Make sure you pick and choose your credit cards carefully.
10. Never date someone with bad credit. Credit is a key indicator on someones life skills. If the person has bad credit, then everything else in that person’s life will be suffering as well.
Keep your credit AAA by following these simple rules for your credit rating.
What rules do you follow with your credit? How do you keep your credit high? Leave your response in the comments below.
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How does your Credit Rating Effect your Mortgage?
Posted by Top Home Loans in Credit Information, Mortgage Advice on September 3, 2010
If your a good credit user, then you should have a rough estimate of what your credit score is. For many, they do not know what their credit score is; however, it is critical that you know what yours is because it can make many differences on your mortgage.
All banks have credit requirements. If you are under a certain requirement on your credit report, then the bank will not even consider you. The bank will just automatically decline your mortgage with no questions asked. Banks with the best rate will require a higher threshold for the client’s credit bureau rating. If you have a bad credit score, then you can usually still get approved for a mortgage, but you will have to pay a premium on your interest rate.
Credit Scores can Impact Programs you Qualify for
For many borrowers, they want to be approved for their mortgage while providing as little documentation that is required. It is a hassle to look for old income documents that you may no longer have, so it is easier not to have to collect these documents. If you have a higher credit score, then the bank can sometimes waive this condition; however, if your credit score is very bad, then you will need to collect your income documents everytime that you apply for a mortgage. It is best to keep your credit in good standing to avoid extra work.
Getting Approved, and being Declined
Credit scores have the greatest impact on whether you will be approved or declined for your mortgage. If your credit score is too low, then you won’t be able to get approved anywhere. The higher your credit score, the more doors you will have open and available to get your mortgage approved.
Special Programs, What are they?
Many mortgage insurers have special programs that you may want to take advantage of. These programs can range from renovating your property to getting discounts on your mortgage insurance premium. You want to be able to get access to as many programs as possible, so make sure that your credit rating is very strong.
A strong credit rating is essential to getting a mortgage approved. It is also essential to getting the best mortgage rates. Make sure that you are constantly improving your credit score.
What is your credit score rating? How do you keep your credit score at the level it is at? Leave your response in the comments below.
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10 Things an Excellent Credit Rating can do for you
Posted by Top Home Loans in Credit Information, Mortgage Advice on August 26, 2010
Everyone knows that having a good credit rating is important; however, can an excellent credit rating get you more than a good deal on credit cards? The following is 10 perks to having good credit:
1. Job and Career Offers – some companies specifically search out potential staff that have really good credit ratings. Good credit ratings and naturally correlated to good employees.
2. Home Purchasing – If you are like most people, when you purchase a property you are going to need a mortgage. If you have a poor credit rating, then it is highly unlikely that you will be able to get approved for a mortgage.
3. Better Interest Rates – Banks will offer you better rates and special promotions when you have a higher credit score. Most of these offers are not available to the public, so be sure you keep your credit rating high.
4. Instant Access to Deposits – For many people, you have to wait 5-7 days to access the funds from your deposits at the bank machine. If you have very good credit, then the bank will allow you access to the funds right away. If you don’t, then you will have to wait for access.
5. Special Lending Accounts – Most people can’t get access to overdraft, lines of credit, and prestige credit cards. If you have good credit, then you will be able to get access to all of these accounts.
6. Significant Other – Most people look for a spouse who can get approved for credit. If you don’t have credit, then a spouse may view you as a bad catch, and they would not pursue a relationship with you. Credit is needed for relationships.
7. Maintaining Employment – Some employers will check their employees credit from time to time to monitor how they are performing. If they notice something negative, then they may need to have a discussion with you.
8. Cell phone, cable, utilities – You need credit to be able to get access to some of these necessities of life. If you do not have credit, then you may get declined for these necessary services.
9. Higher Investment returns – Banks have special deals that they give to their best clients. They judge their best clients as those with excellent credit scores. Make sure you are getting these offers.
10. Job Scouting – some employers only offer jobs to employees they scout. How do they find people to scout? Many of them look at your credit bureau to find you. If you have a bad credit bureau, then you won’t be found.
The impact of a good credit bureau on your life is critical. If you don’t have a good credit bureau, then this could negatively impact your life. Make sure your credit bureau is as high as possible.
What is your credit score? What impact has your credit had on your life? Leave your response in the comments below.