When you have poor credit, your list of lenders that will approve you
for a home loan can shrink down very small. You want to make sure that
you are doing everything in your power to keep your credit rating as
high as you can.
Many people will unknowingly hurt their chances of getting approved and
make it more difficult for themselves. Here are 3 things you will want
to avoid doing if your credit history is already bad.
1. Don't have your credit pulled over and over by different lenders -
Many people will, because of their difficulty in getting approved,
apply with many different brokers and have the broker pull their credit
over and over. Every time your credit is pulled, your score will drop
just a few points. In some situations, it can be enough to disqualify
you from the loan. The best way to go is to apply with companies online
that will give you a pre-approval without pulling your credit, but
instead, ask you what your credit is like.
2. Don't Open Too Many New Credit Accounts - If a lender sees that you
have a lot of new accounts open it can make them wary to want to lend
you money. It can also raise your debt to income ratio, which will make
it difficult, if not impossible, to get approved.
3. Don't Be Late On Your Current Payments - Some people feel that since
their credit score is already poor, it doesn't make any difference
whether or not they make their payments on time now. That is not the
case, your credit score improves a little, everytime you make your
monthly payments on time.
To view our list of bad credit mortgage lenders online, most of which
do not pull your credit with the initial application, visit this page:
http://www.abcloanguide.com/lessthanperfectcredit.shtml.
