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Repair your Credit Rating Before Purchasing a New House



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By : Liane Canonigo    99 or more times read

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The condition of your credit rating is very essential for your personal finances due to various reasons. One of these is the fact the most lenders consider your credit standing as the primary criteria for approving mortgages. Normally, insurance brokers or landlords look at your credit standing if it is high enough to be a potential client or tenant. This article will help you understand the essence of improving your credit score as well as how to repair your low rating.

It is everyone’s responsibility to pay his bills on time. If you want to maintain a high score, then you should value the importance of prompt payer. If you consult any lending company about applying for loans, the main question they will ask is if you are paying your bills responsibly. These utilities include electricity, telephone, credit card, cable and other utilities. They are very much vital in the assessment of your credit score. Failure to pay off your payables can definitely give a negative impact on your reputation.

In addition to that, do not wait for your payables to be handled by collection offices. This is really the worst case that you can allow to happen to you. A lot of individuals are ignoring the terrible impact of such action. Remember that bills should always and forever be settled. You can not escape from the fact that they are part of your financial obligations. Hence, no matter how you avoid and hide from them, collection agencies will come running after you. Aside from that, if you leave your payables unpaid, the interest for late settlement will continue to increase.

Nowadays, credit cards are frequently used in shopping than paying it with cold cash. Even payment for basic utilities and commodities, credit cards can handle them. It sounds very easy. But this is not always the case. Accumulating your payment through swiping your card will only give you a very bad headache as soon as you receive your statement of account. If you are relying on your card, make sure to clear your dues at the end of the month. Or if you want to make a good impression about you, do not allow your dues to go higher than 30% of the credit balance. As much as possible keep it lower or better yet bring it zero.

Maintaining several credit cards is perfectly fine. But it is wise to stick to your very first card company and use it until forever. This will help establish a good impression about you from the lenders. It is found out that the longer you stay with your original card company the better. It implies that you are a responsible borrower and you are able to maintain a good business relationship with these lending companies. So do not surrender or change your old credit cards with new ones.

It is highly recommended to conduct a check up of your credit rating once every year. This will allow you to discover and verify suspicious transactions declared under your name. If there are errors you can immediately file a dispute so it can be corrected and removed from your record. Even if you do not plan to apply for a loan, it is still necessary to conduct a check up. But, keep in mind that you can not over do it. You can only follow up once in a year because if you do this very often it will also result to a negative impact on your reputation.

Getting a good credit standing can open more doors for you and grab the opportunity to avail lower interest rates on mortgage. It is imperative to learn how to under go the process of improving your credit rating. Before entering into any home buying deal, make sure that you repair your credit rating.
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