Sopela Business Market – Get Expert Advice on Email Advertising

Main Menu

  • Advertising
  • Business
  • Corporate
  • Entrepreneurs
  • Industry
  • Marketing
  • Media

logo

Sopela Business Market – Get Expert Advice on Email Advertising

  • Advertising
  • Business
  • Corporate
  • Entrepreneurs
  • Industry
  • Marketing
  • Media
Business
Home›Business›How to Build Your Credit Score for Availing a Home Loan

How to Build Your Credit Score for Availing a Home Loan

By Flavio Otis
May 18, 2021
827
0
Share:

Are you tired of receiving rejections on your home loan applications? Take a look at your credit score. A low credit score may be the cause of your worries. However, there’s good news! You can improve your credit score within a few months.

Check out the various ways you can use to build your credit score.

Why is your credit score important?

One of the factors that lenders consider while checking your home loan eligibility is your credit score.

If you have a high credit score of 700 or above, you can receive a higher loan amount, a flexible tenure, and attractive home loan interest rates. In contrast, a low credit score will fetch you higher interest rates. Thus, your credit score can be the determining factor between affordable home loans and an expensive one.

How to build a high credit score?

A low credit score or no credit history is not a deal-breaker. You can improve it over time with these handy tips.

#1 Make timely payments

Credit bureaus receive your repayment history from the lenders regularly. Whether it is your credit card bill or EMI repayments, making payments on time can improve your credit score. This is because your credit history factors in when calculating your credit score.

A good repayment history shows your lender that you can repay the home loan EMI on time, thus giving them the confidence to approve your application.

#2 Track the repayments by your co-applicants

When you co-sign for a loan, the EMI repayments affect all the applicants involved. This means that while you may be making repayments on time if your co-signer delays instalments or defaults, it can lower your credit score. That is why it is crucial to track your co-signer’s loan repayment history as well.

#3 Don’t apply with multiple lenders

Sure, you need to conduct extensive research to find a suitable lender. However, you shouldn’t apply with multiple lenders simultaneously. Because when you apply for a loan, the lender sends a request to the credit bureaus to access your credit history. Each of these hard enquiries to the credit bureaus lowers your points and brings down your credit score.

So, research your options before applying for a loan, but don’t make too many applications at once.

#4 Check your credit report

Your credit report indicates how well you handle your expenses and debts. So, it would be best to review your credit score before you apply. If there is an error or the report isn’t updated, you can contact the credit bureau and rectify the mistakes.

Final thoughts

Improving your credit score takes time. Whether you want to build your credit history or increase your existing score, the steps mentioned above can help you. Once you have a favourable score, you can use a home loan EMI calculator to check the EMI for the applicable interest rates and get a clearer understanding of your repayment obligations.

Previous Article

Are You A Rookie Or A Pro? ...

Next Article

4 Signs You Need to Buy a ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Business

    Building a solid mindset for successful options trading in the Middle East

    March 2, 2022
    By Flavio Otis
  • Business

    How to Reduce the FOMO effect at trading

    June 15, 2021
    By Flavio Otis
  • Business

    4 Things To Consider While Setting Up A Bakery

    June 11, 2020
    By Flavio Otis
  • Business

    What is the Difference Between Leaflets and Flyers?

    February 18, 2021
    By Flavio Otis
  • Business

    Learn how to arrange your business for sale

    February 7, 2022
    By Flavio Otis
  • Business

    How to use Salesforce integration with Reply

    August 18, 2022
    By Flavio Otis

  • Business

    Take Help from Event Video Professional for Your Next Event

  • Advertising

    Free Internet Business Advertising Proves Effective

  • News

    4 Effective ways to Attract More Customers to Your Apartments

  • Recent

  • Popular

  • Comments

  • The future of public relations firms in an increasingly digital and interconnected world

    By Flavio Otis
    November 25, 2023
  • Mergers and Acquisitions: A Comprehensive Guide

    By Flavio Otis
    November 15, 2023
  • A Comprehensive Guide to Estimating Your Plex Market Value

    By Flavio Otis
    September 25, 2023
  • Modern Era Ways Business Deals Are Done

    By Flavio Otis
    September 21, 2023
  • Conversational Marketing in B2B: Driving Lead Generation and Nurturing with Dialogue

    By Flavio Otis
    September 15, 2023
  • The future of public relations firms in an increasingly digital and interconnected world

    By Flavio Otis
    November 25, 2023
  • 5 Affordable Marketing Tactics That Actually Work With Smaller sized Budgets

    By Flavio Otis
    October 16, 2019
  • Marketing for Professionals

    By Flavio Otis
    October 16, 2019
  • What Drives Entrepreneurs to produce Something From Nothing?

    By Flavio Otis
    October 20, 2019
  • The advantages of Learning What Effective Entrepreneurs Do

    By Flavio Otis
    October 21, 2019

Recent Posts

  • The future of public relations firms in an increasingly digital and interconnected world
  • Mergers and Acquisitions: A Comprehensive Guide
  • A Comprehensive Guide to Estimating Your Plex Market Value
  • Modern Era Ways Business Deals Are Done
  • Conversational Marketing in B2B: Driving Lead Generation and Nurturing with Dialogue

2023

  • – November (2)
    • The future of public relations firms in an increasingly digital and interconnected world
    • Mergers and Acquisitions: A Comprehensive Guide
  • + September (3)
  • + August (3)
  • + July (1)
  • + June (4)
  • + April (1)
  • + March (9)
  • + February (3)
  • + January (3)

2022

  • + December (7)
  • + November (3)
  • + October (2)
  • + September (1)
  • + August (3)
  • + July (6)
  • + May (3)
  • + March (4)
  • + February (6)
  • + January (3)

2021

  • + December (2)
  • + November (1)
  • + October (5)
  • + September (6)
  • + August (10)
  • + July (6)
  • + June (15)
  • + May (8)
  • + April (6)
  • + March (3)
  • + February (3)

2020

  • + December (8)
  • + November (10)
  • + October (3)
  • + September (3)
  • + August (3)
  • + July (4)
  • + June (1)
  • + May (2)
  • + April (3)
  • + March (2)
  • + February (2)
  • + January (5)

2019

  • + December (6)
  • + November (10)
  • + October (5)

Tags

Birmingham Accountants Birmingham Tax Accountants car insurance car insurance policy car policy
  • Mail us
© 2023 Sopela Business Market- All Rights Reserved.