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Before thinking about a loan, you need to understand your credit
rating. The amount of money you'll have to pay every month on your loan
will depend on many items, one of which is your credit rating. In fact,
bad credit can even prevent you from getting a loan.
What Goes Into Your Credit Rating?
1)
Your credit history
Have you repaid past loans on time? Have you declared bankruptcy? Issues
like these are a big factor in your credit rating. To get an idea of your
credit history, you can contact the three national credit bureaus to obtain
your most recent credit report.
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Experian: 888-397-3742
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Equifax:
800-685-1111
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TransUnion:
877-322-8228
2)
Your employment history
Do you change jobs often or have you stayed at the same job for quite some
time? Lenders consider people who stay with their same employer for a long
time to be less of a risk.
3)
Your current debt
If your debt is already high compared to your income, creditors might
consider it risky to lend you even more money.
4)
Your home's lendable equity
If the equity you have in your home is much larger than the loan you want,
then lending to you is safer.
Call
1-
today to speak with an Expert Mortgage Consultant or
get started online with
Apply Nowsm.
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