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Most people with bad credit end up frustrated and confused when they’re applying to get a home mortgage loan for the first time. Often after being rejected once or twice, they come to the conclusion that they’re just not going to get a loan. Fortunately, with a little guidance, you can be well on your way to being happily financed.
The first step to getting your loan approved is preparation. Learn what criteria lenders use to approve of decline loans, including the three C’s of credit and your credit score.
What Are the Three C’s of Credit?
The three C’s of credit are the criteria that lenders look at when considering a loan. They are:
Character: Background, honesty, and credit score of the borrower. While credit score is a large part of the loan process, convincing the lender that you’re trustworthy can have a huge impact.
Capacity: Financial debts, income, and ratios of income to debt payments. How capable are you of repaying the loan, even if you wanted to?
Capital: Savings that the borrower can dip into if he runs into financial issues or real estate that can be used to repay the loan if the borrower defaults.
How Do I Improve My Credit Score?
The first step to improving your credit score is to understand the system. The system is very counter-intuitive: In other words, using common sense can often get you into trouble.
For example, you might think paying off an old delinquency before applying for your mortgage loan would be a good idea. Unfortunately, doing this will cause your credit score to plummet, costing your thousands of dollars in the long run or even ruining your chances at a loan. This is because a delinquency more than 24 months old has much less impact than a recently paid off delinquency.
Just like how managing your credit improperly can have a large negative impact, by learning how credit works you can easily boost your credit dozens of points without actually changing your amount of debt.
Learn to use the system three to nine months before applying for your loan to get the maximum effect.
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