Check your credit profile!
Knowing your credit status and working towards a good credit status is important. It can improve your chances of being approved for a home loan rather than being sent away from the bank disappointed.
A good credit profile is when your credit history has been maintained in good standing for a certain length of time (the specific period varies from institution to institution) by adhering to monthly payments on time.
If you don't already have a credit history, meaning you don't have any debts or credits on your record, then it is advisable to open an account or apply for a credit card.
By using the credit available and paying it back diligently you can start building a reputable credit score.
Tips for a better credit score: Credit providers assess all recorded debt so close all unused accounts where possible.
The more access to credit you have on record, the lower the credit score will be.
Extract from Property 24
13 Oct 2023
Author Extract from Property 24