Why Your Credit Score Is Important For Borrowing
Your credit score is one of the most important things to cultivate in your adult life as it impacts a considerable amount of opportunities you’ll have available to you. This impacts credit cards, rentals, insurance, and of course loans. The better your score, the more you’ll have available to you and the lower the costs and interest rates will be.
The same loan given to a low scorer will cost more ultimately than the one given to a high scorer because the interest rate differs. Having a higher score can ultimately save you money in the long run. Your credit score needs the proper care though to keep itself in good shape.
Maintaining your score includes paying everything in a timely manner, using your account regularly without abusing it, and keeping accounts open rather than closing things out. Keeping these accounts open is one of the best ways to feed your score without damaging it.
Do not miss a payment either. If you have a loan out and you’re wanting to maintain your credit score you should be paying things on time so it doesn’t damage your score and leave you in hot water with your broker. If you are worried about your repayment schedule in any way, talking to your broker is the best way to get things done rather than risking putting your credit score at risk.
At Mortgage House Australia, we want to help you maintain a clear repayment schedule so you stay in good standing. It is important to us that our borrowers are satisfied and comfortable with their borrowing experience and they feel that they can trust us just as we trust them. Your credit score is important, but we are also willing to work with our borrowers to find the best loan for them.
So if you’re worried your score might not be high enough to get a mortgage or a loan, talk to one of our qualified brokers about your concerns. We’ll help you survey your options and come up with plans to get you on track so your loan goes through without a hitch.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s an exciting and very rewarding one. If you’re thinking of applying for a home loan, you can Apply Online today to get started!