Credit History – Fears and Remedies
Many home buyers are fearful that their credit history could affect their ability to get a mortgage. Most times this fear is unfounded or easily remedied. One of the first steps you should take as you enter the housing market is to order a credit report so you can verify the accuracy of the report and take steps to correct them.
If you have had credit problems discuss them with your lender. Be frank and honest—all lenders have experience on how to work with you. There are many legitimate reasons for credit problems. Illness, unemployment and divorce are the more common reasons. If you have taken steps to cure these problems, the lender will want to work with you. At the very least, the lender can set you on the right path to prepare for homeownership down the road. Sometimes, it takes 6 months to a year to repair your credit.
If you feel that you have not established enough credit history, you should seek the advise of a lender to see what qualifies as credit history. |
