Got refused even though I never had a credit card before?
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kele
Apprentice
Joined: 02 Aug 2005
Posts: 6
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 Posted: 08/02/08 - 09:59 Post subject: |
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| I have recently been thinking about getting a mortgage. It seems to me that the best way to buy a house is such a solution. However, I would like to know why I got refused even though I never had a credit card before. Such an information could help me a lot, so if anyone could tell me, I would be grateful. |
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ilaire
Apprentice
Joined: 20 Mar 2008
Posts: 3
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| Posted: 09/01/08 - 00:22 Post subject: |
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| There is currently ongoing crisis in the housing market, as you are probably aware. The mortgage system works as any loan. You need to have enough money to make a deposit, and good enough salary to follow up with the payments. With a good credit rating, and a good history, you should get good deal because of your credibility. However, using credit cards is not the only way to get a bad rating. In fact having a lot of accounts, loans, etc, also affects your credit rating negatively. See with your bank how you can improve the rating and then ask again for the loan. Hope you find the info helpful. |
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