Bad Credit Mortgage Loans - Are You Killing Your Chances Of
Getting Approved?
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.