Credit score and how it affects your application


I have a poor credit score because of wrong decisions made in the past. In the meantime, I got a job that pays above the average and want to apply for a home loan. Would I qualify and what advice do you have?



Banks require a clean credit record before they will consider approving your home loan application. 

The best thing that you can do is approach a credit rehabilitation company like Lucid Clear Credit, who can advise you on what steps you can take to improve your credit score. 

Until your record is cleared, ensure that you don’t get into any further financial difficulties. Make sure that you pay back any credit like credit cards, store cards, car finance, and debts like doctor’s bills on time and in full. 

In the meantime, you say that you are now earning well. You can further improve your future chances of securing a home loan if you save up for a deposit. As I have said before, banks will not consider a home loan application if the applicant does not have a clean record, but once yours is clean, a deposit will make the banks more likely to look favourably upon your application. 

Then, to further improve your chances of approval, use the expertise of a bond originator like ooba to present your application in the best possible light to multiple banks and to get you the best interest rate.