Find Out How to Increase Your Bad Credit Rating and Get Your Mortgage Approved by a Mortgage Lender
Your credit rating is the reflection of how good or how bad your payment history actually is. If youre planning to get a mortgage loan and buy a new house for yourself, then what mortgage lenders will look at first, is your credit rating.
Various credit bureaus have different systems for evaluating the credit rating. But there are some basic facts that are taken into consideration:
– Payment history
– Current debts
– Time length of credit history
– Credit type mix
– Frequency of applications for new credit
As long as there are different rules for evaluating your credit rating, it might be different depending on the bureau even if they all look into same credit report.
You should know that credit ratings range from 300 to 850. This three digit number is determined by various factors, such as the number of credit lines you have and the length your account has been open. If you pay on time (for some period of time), then your credit score will increase.
If you fall into category where...
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