05 Dec 2022

How Can I Fix My Credit By Myself?

Fix My Credit for a Mortgage

Potential borrowers researching the various elements involved in the home loan application and approval process may want to learn more about how they can begin fixing their credit on their own. Luckily, there are countless ways to begin increasing poor credit scores without the assistance of financial professionals. 

  • Decreasing or eliminating existing debt, including high credit card balances
  • Ensuring there are no disputable, unfair, or contestable credit history listings
  • Paying all bills on time and in full every month
  • Decreasing high credit card limits
  • Ensuring credit card balances are kept low
  • Clearing bad credit history

How to Clear Bad Credit History

There are various types of credit listings and information that remain on an individual’s credit history if action is not taken. Individuals are able to review their credit history to check for various disputable, unfair, or contestable listings and take action to remove them. The various types of listings that can be considered unfair are as follows:

  • Multiple identities
  • Clearouts
  • Crossed and linked files
  • Court listings
  • Judgements
  • Overdue Accounts

Mortgage providers recommend that potential home loan applicants work on improving their poor credit history before applying for a home loan for the best chances of gaining approval. Generally, Australian lenders like to see credit scores of 500 through 700 on home loan applications, the closer to 700 the better. 

If you have additional questions about how bad credit and home loan applications interact or are ready to apply for a loan, reach out to the Mortgage House team for additional information and helpful assistance.

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