Manny Intorrella
REALTOR® /Sales Associate
Realty Executives Exceptional Realtors®
0123977
Why should you maintain a good credit rating, especially when you are looking to buy a house?
So, you finally decided to become a homeowner! Home ownership can be a great thing, but responsibility comes along with it!
Speaking of responsibility, have you been responsible with your credit? If you have great credit, getting a loan will be much easier. But if you have bad credit, you are about to learn a lesson of a lifetime. The lower your credit score, the higher interest you will end up paying on a home loan, and you can also run the risk of NOT getting a loan if you have really bad credit, low income etc.
My tips for everyone?
-Have a steady job
-Make your credit score top priority
-Never make a late payment
-Use your credit cards and pay them off every month in full. If you do not have the capability of doing this then DONT USE THEM!
-Retain accounts for a long time in good standing, this can help your score.
Been refused a credit card in the past?
About Secured Cards:
-Designed for people who want to establish or build a credit history
- Give access to a credit line to use
-Payments report to major credit bureaus
-You typically need to deposit cash as collateral for your credit limit (commonly from $200 to $2000)
-Most secured cards will have an annual fee, possibly other fees
-APR’s will be higher than an unsecured card
-Commonly your credit limit is what you deposit as collateral
-Be sure to read the terms and conditions
Try a secured credit card offer. A secured credit card requires a security deposit in the bank, and this will be your limit. There will be annual fees and other fees, but you can a chance at building credit. Its not a guarantee that you will be approved for a secured card, but you have a better shot of getting a secured card than an unsecured card.
Here is a video on secured cards for those who would like to learn more about them.
Hope you enjoy the video!
