Bad Credit Mortgage
To improve your credit score:- Ensure your bills are paid on time to establish a track record. Even if you can’t pay the bill in full, make sure you make the minimum monthly payment on time. To make sure you don’t miss a payment, set up an automatic payment plan with your credit card company.
- Mortgage Medics can assist you with a bad credit mortgage in Oakville, Mississauga, the GTA, Toronto Southern Ontario and will provide helpful information and tips to get your credit score back on track.
- Establish credit by getting a short term instalment loan or credit care and make regular payments on time. Get a line of credit early on, since this is considered a better indicator than a credit card. Lenders want to see a history of handling finances.
- Do not apply for too many loans at once, or conduct credit checks too frequently. Every time you apply for credit, an inquiry from that lender will be recorded on your report. Lenders may consider you risky if there are too many requests for credit.
- Get a copy of your credit report every year. Review it for any errors and know your history. You can submit a dispute to the credit bureau and the lender if you find information that is incorrect.
- Fill out loan applications with care. The information you put on a loan document will be recorded in your credit file.
- Pay down existing debts, starting with the highest interest debts first
- Do not go over your credit limit. Lenders feel you are not properly managing credit if you borrow more than 85% of your credit limit.
- Plan major purchases carefully and avoid large purchases before applying for a mortgage
- Avoid missing or defaulting on payments since delinquent payments, collections and court judgements can stay on your credit record for 6 years – even if you eventually pay them.
- Have money set aside for financial emergencies. If you use a line of credit, keep it for short term needs only, do not keep a long term running balance.
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