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Bad Credit

Unfortunately, in the process of getting a mortgage, your credit history will be looked at. This is a very scary thought for some people. Do not worry too much because small problems, even if it is in error, can be easily fixed. However, if you have large credit problems, like bankruptcy or maybe even a student loan, this can really mess up your chance at getting a house.

Your credit report has all the information about your credit. Anytime you have gotten credit from a bank, store, car dealership, or anywhere that gives credit it goes onto your credit history report. You will find information on when the credit was established and for how much. It will also show if you have ever been late making payments.

You want your credit score to be at least 620. This means you have excellent credit. If your score is 680 or above then you may be known as a premium borrower and may be considered for lower interest and better terms with your loan. This does not mean that if you are below this ideal score that you will not be able to get a mortgage/house, it will just be more difficult.

The best thing to do is obtain your credit report before you apply for a loan and try and fix the small problems or errors on it. If you think the problems are in error, send a written letter to the credit bureau and the will check on it, other wise, bring your statements in to prove the mark wrong so that the lending company will know. If the bad mark is correct you need to check and see the date it was put on your credit report, usually, after seven years it should be removed.

If it is one of the bigger problems, then having your credit report on hand will show the lenders that you are aware of your problem areas and this may show them that you care about your credit. You still may be denied and if this is the case you might be able to find a high risk loan so you can get your home. A high risk loan is a loan given to people with bad credit.