How to Get Approved For a Bad Credit Mortgage
If you are applying for a bad credit loan or a bad credit mortgage or remortgage you may want to consider a few things to increase your chances of approval.
1. If you have been paying bills late for a few months or years, this may have effected your credit score. If you are struggling to cover credit cards, charge cards, a car loan payments and find the total monthly payments are causing you to sink, then first consolidate some of the smaller payments and credit cards into one, or talk to the lending institutions and make payment arrangements. Satisfied creditors will not send negative information to credit bureaus.
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2. Don't think that if you open a new bank account and reestablish your credit with a new institution you will be ahead of the credit game. New accounts almost always count against you.
3. Don't drastically eliminate available credit by closing accounts and asking for credit limits to be lowered to protect yourself from your own spending. The less available credit you have and the less you owe (combined with sporadic payments) the worse will be your rating. Lots of available credit and lots of debt combined with consistent timely (even small) minimum payments will increase your score.
4. Take a few months to establish a payment schedule that is ON TIME. You have no idea how much that will alter your chances of getting a lower interest rate on a bad credit mortgage. Even a few months can make your FISCO score jump several points up and give you a very good negotiating position.
You may not be able to eliminate silly mistakes from the past, but you can start right now to pay little bills on time and watch your score increase little by little and your options open up for bad credit mortgage loans and refinancing.
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