Your credit score
Wednesday, November 8th, 2006
The two key factors to maximising the amount you can get for a mortgage loan are the period of repayment and your credit rating. The longer the period of the loan, the lower the instalments - and hence, the higher the amount of the loan you can obtain.
Your credit rating determines the rate of interest you are eligible for; the higher the rating, the lower the interest rate and therefore the lower the instalment amount. If you do have a good credit rating, give yourself a pat on the back.
If you don’t, there still are ways you can improve it within a reasonably short period. Our article on Credit Fixes You Can Do Yourself gives you the low-down, without having to pay credit services companies. Also take a look at Paving The Way To Perfect Credit - you’ll be amazed at the things that pull down your credit rating. Even minor things like returning library books on time, making payments late, or applying too often for credit cards, can make a dent!
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