Wednesday, November 09, 2016 / by Jason Huerkamp
Credit history is vitally important when considering purchasing a home. Not only does it allow you to get the best rates and the best offers from a lender, it gives you the opportunity to be pre-approved and the best kind of buyer should you get into a bidding war on your dream property.
If you haven't got a credit history it is almost as bad as having a terrible credit score. The lender likes to see that you have been responsible looking after your payments and so its an essential part of the plan when considering a home purchase.
In order to establish a credit history, you could go into the bank and get a pre-paid credit card and whatever you purchase on your card, be sure to pay the same amount off each month. You will be showing you are responsible and before you know it you will have a fair credit score. Once you have proved your value you can ask the bank for a credit limit. Your credit score will build qui ...