Introduction So, what do you do if your credit reports make you want to hide under the covers and never use your credit cards again? Relax, you can turn your ratings around. Mortgage lenders look at the “age,” dollar amount, and payment history of your different credit lines. That means opening accounts frequently, running up your balances, and paying on time or not at all can impact your credit score negatively.
Just changing one of these components of your spending behavior can positively affect your credit score. Also, bad credit does not necessarily mean you can’t get a home loan, it will just come at a higher cost.You Turned Down for a Loan? If you are having trouble getting a loan, ask your lender why. Chances are it will be one of these reasons for rejection:
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