Credit Rating for home loan

Understanding credit scores can make the process of taking a home loan easier for you. However,more often than not,most of us do not understand the concept of credit scores. Our inability to understand them affects our worth of applying for a loan and qualifying for it. A fair understanding of credit scores will not only help you improve your creit worthiness from the perspective of the lender but will also help you in achieving your small dreams of buying a home,starting off a business etc.

So,what are credit scores? Credit score is a three digit number which indicate the creditworthiness of the borrower. Thus,for a lender this is an important matrix for approving the loan apart from other factors,such as the ability and stability of the borrowers.

How does one know about their credit score? We understand that unless you know about them you will not be able to improve tem. Knowing your credit score is easy. You can get your credit score from any of the credit information companies (CICs),such as CIBIL(Credit Information Bureau Limited),Experian or Equifax. CIBIL is now providing credit report online if you qualify the authentication questions asked by them.

Credit scores are important as the lenders use these to filter loan applications basis the risk profile of the customer. These are very crucial for you because if your credit scores do not qualify the criteria set by the bank,you will not get the loan.

So,does that mean that a low CIBIL score could even lead to rejection of loan application? Well,yes.

But,poor credit scores are not forever and there are some ways through which you can improve your credit scores. How can one improve one’s credit score to enhance the chances of getting a home loan sanctioned? To answer this question and more such concerns,Magicbricks.com offers its users a chance to put forth their questions in this regard on the live chat platform GuruTalk.

Today,Rajiv Raj,co-founder and director,Prim Crdeitvidya.com would be answering your queries on the topic ‘Managing your credit scores for home loans”,from 12:00-1:00 pm on Gurutalk. Thus,if you are worried about managing your credit scores,think no more.

Managing credit scores for your home loans made easy

An equity loan on a home

2005-06-28 15:10:37 by ------

Can be used for anything. To pay off credit cards, etc., anything.
But you're not married to her yet. So your 2 properties are not 100% co-owned as will happen when you sign the marriage papers. Think of this as a sign of future financial problems to come. Her credit rating is supposed to be hers, not yours.
Why did she get rid of the other car when it was still new enough to have $3k still owed on it?? Does she get tired of new things fast?

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  • Avatar JohnPau2010 Do we get a good deal if we apply for a home loan in a bank where I have account ?
    Apr 03, 2009 by JohnPau2010 | Posted in Renting & Real Estate

    I am have been maintaining a bank account in Citibank from past 8 years with good record. My fico is also excellent. 1) If I apply for home loan in the same Citibank, will I be getting any good deal and interest rate ? 2)Or can I get good deal from somewhere else also ? 3) Is it good to deal with a mortgage broker ?

    • Some banks offer point discounts to existing customers in good standing. That doesn t mean that they will give you the best rate. You only need a broker if you don t feel like shopping for a mortgage yourself. I would get at least three quotes. Shop them close togetherrates are very low right nowand it won t affect your credit score. Call your local banks or credit unions and consider larger national chains as well. I don t know where you live, but we bought a new house and got a discount for going with their lender and they paid our closing costs. It wouldn t hurt to check new construction bc …