If you are going to ask for a mortgage loan, it is best to have a good credit profile. So you can build it.
If you are thinking of buying a home with a mortgage loan, I recommend preparing your credit profile.
For sure, any financial institution will review your history and your financial present to qualify you.
And a good credit rating is equal to a good interest rate. To the extent that the financial institution perceives that you are a good customer, it will reward you with a low, moderate or high risk score (the idea is that your score is low risk. Because – and this is the rule – at higher risk, higher interest rate
Having a good rating is a good business, don’t you think?
These are the good practices to prepare your credit profile:
Liquidity in your account
Having funds in your savings or checking account at the end of the month is sending a good message to the financial system. The bank, every month, closes. If you always have money, it means that your expenses are lower than your income; If you are always overdrawn, it means you spend more than you earn.
Increase the amount of your credit or overdraft card
Asking for an increase in your card or overdraft quota is a good idea. Of course, you will not use it. You will not want to borrow much just when you prepare for the great mortgage credit of your life. Increasing the quota is to show that you have it and do not use it because you do not need it. That relationship gives good points.
Ask for another credit card
If you already have a card you can ask for another credit card from a different franchise. If you have MasterCard, ask for Visa or Amex, for example. Sometimes, the bank rewards you with a lower value per handling fee when you have two cards. The key is to reveal that you have borrowing capacity and do not use it, because your expenses are controlled.
Have a background in the financial system
The idea is to have debts and pay them or have investments in certificates of time deposit, a term account, bonds or participation in a mutual fund. Everything works. The best way to demonstrate your potential as a good customer is to expose how you behave within the financial system. The risk centers – or bureau – will do the job of collecting your information and publishing it for those who want to consult.
Open a term account
It is an interesting option. The term account “forces” you to pay a certain amount of money each month. When you reach the goal, you can have the money, for example, for the initial fee. The entity could see the seriousness of your money management.
Stability is another clear and strong message to financial institutions. Two years in the same company means that your results are good and you can trust that you will continue to receive your salary. A job change just one month before applying for the loan may jeopardize the approval and purchase of the apartment. Evaluate the possibilities.
If the risk center or the financial institution observes an unusual increase in inquiries about your identification number, it will mean that you are processing credits simultaneously in several entities or companies. Why? For what? It would not seem very appropriate that you suddenly need to borrow heavily.
Finally, it is clear that the best financial strategy is compliance. To the extent that you acquire commitments with banks, commercial companies, services or rental agreements, you will increase your good name in the financial world. Many doors will open, especially that of good business.