Your credit score is one factor a loans company will check when you apply for a stated income loan. In some cases, you may need to take steps to repair your credit score if it falls below certain criteria. A home loans company for self-employed people may still accept your application for a bank statement loan if your credit score is as low as 600.
What can you do if your credit score is too low to get for a stated income loan? In this case, you will need to improve your credit rating. Thankfully, boosting your credit score to an acceptable level may not be as difficult as you think.
Here are 4 ways to improve your credit rating.
1. Check your credit report
The first step to know how to repair your credit score is to check your report for inaccuracies. You should review all data on the report including your list of credit cards or debts you are still paying off. If there are inaccuracies, you should submit proof of these to the credit reporting agency.
2. Control your spending
The next way to help improve your credit score is to limit your amount of debt and reduce your spending. For example, it’s important to ensure you are not using too much credit. So, you should start reducing the amount owed on credit cards and keep balances to a minimum.
3. Pay bills on time
Unpaid bills or paying bills late can make a serious dent in your credit rating. A local stated income loans office applications need to know that you are serious about paying off debts in a timely manner. This is especially important for self-employed applying for a home mortgage. Remember, late bill payments can impact your credit score for up to 7 years.
4. Be careful with credit
If you are planning to apply for a stated income loan, don’t take out any new or unnecessary credit. Multiple inquiries for credit can knock precious points off your credit score. If you have unused credit cards, there is actually no need to close them as long as you are not paying annual fees on them.
In some cases, if you are applying for a bank statement loan at LBC Mortgages, it may be best to wait until your credit score improves. However, remember that you can still apply for a home loan even if your score is too low for other lenders to approve you.
Keywords: local stated income loans office, LBC Mortgages
By: Martino liver
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