Posted on: 15th Apr, 2013 12:48 am
I want to take out a home loan of around 80k. But my only problem is that I have only 10 months of credit history. Will that help me get a loan?
Hi Guest!
Welcome to the forums!
Apart from a credit history of 12 months, you should also meet the other required criteria of the lender. You need to have a good credit score, stable income and employment, required DTI ratio, etc to get a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Apart from a credit history of 12 months, you should also meet the other required criteria of the lender. You need to have a good credit score, stable income and employment, required DTI ratio, etc to get a loan.
Feel free to ask if you've further queries.
Sussane
Credit history of minimum one year is asked for by the lender so as to offer a loan to you. You also need to fulfill other criteria required to get approved for a loan.
The bad news is, no. Lenders require at least a year of credit history, on top of all their requirements before they qualify you for a home loan. The good news is, you only need two more months to qualify. During these two months, make sure you at least maintain or better yet, improve your credit score, so checking your credit score regularly is a must.
with the credit history of 10 months you cannot apply for home loan. you have to wait two months for home loans. one more thing is that before taking loan you must consults some good " Credit Repair Services" provider.
Sadly, no. Lenders require at least a year of credit history before they approve any application. Aside from that, they will require that you have a good credit score and that your credit history reflects good payment practices such as paying on time and in full. The good news is, you are only two months away so, just monitor your credit score during this time and work on making it better so your chances of being approved for a mortgage are high.