27 December 2010
What if I don’t have a credit history?
In this case it’s time to start making one. You can apply for a standard credit card with good interest rates, make purchases and pay them as soon as possible.
What if I have a bad credit record?
Even if you have bad credit there’s still chance for you to get a mortgage. First of all, do your best to fix it, because the lenders may not give you a mortgage loan until it’s done. Try to make debt payments regularly and in time. Such credit information as bankruptcy is dropped from your credit file after seven years. You may also need a professional credit counselling.
The other variant is to ask someone (mostly a relative) to be your guarantor or co-signer on the loan. Here your relative will have to meet the lender’s terms and criteria (e.g. good credit history), because he or she will be responsible for your debt repayment in case you can’t pay it.