A credit score is important to the majority of home loan lenders when reviewing your home loan application. A good credit record will be rewarded with better home loan deals, while having a poor credit score can limit your options for choosing from some lenders and the loan products they offer.
Here are 10 things that can hurt your credit score:
- Defaults on Credit Card or Loan repayments.
- Making too many Credit Enquiries.
- Paying your bills late.
- Not fixing the errors on your credit report.
- Writs, summons and court judgements against you.
- Your Debt-to-credit ratio when you use your maximum credit limit.
- Having Partner/Spouse default on joint loans & bills.
- Filling for Bankruptcy.
- Too many credit report request.
- Getting a declined for a Credit application.
The content on this site is for informational and educational purposes only and is not intended as a substitute for professional credit or financial advice. Always consult with a licensed financial advisor/finance & mortgage professional before making any decisions based on the information you read on this blog.