As a Surrey mortgage broker, I am always presenting my clients’ financial situation in the best possible way to lenders. However, sometimes red flags come up when a current credit report is pulled and added to your application. Sometimes the client doesn’t even realize what’s there!
For a small fee, you can pull your own credit report and see exactly what a potential lender will see. Some points to focus on:
Do you have joint accounts ?
Specifically do you have debt with another person ? This could impact your borrowing ability. Even if you have a formal agreement that distances you from that debt, a lender may assign that debt to you anyway just because your name is still jointly associated with that debt.
Do you have too much credit ?
Even if you have 0 balances on your credit cards and lines of credit, a lender will be concerned that if you suddenly max out all your other borrowing abilities, your cash flow may become difficult.
Do you have missed payments ?
Your borrowing and repayment history says a lot to a potential lender. If you have missed payments in the past, and they are still on your credit report, considering waiting until they have been removed. In the mean time, repair your credit by always paying on time.
Your credit score.
Finally the big one. The credit score associated with your credit report doesn’t have to be stellar, but there are certain key levels that you’ll want to be at to get the best interest rates. I am more than happy to discuss with you how your credit report looks, what improvements might help, and how I might get you the best lender for your situation.