Few people can pay cash for large purchases such as homes or cars. It is a given that at some point in your life are going to have to deal with loans and seeking a credit rating. That is why it is important to establish a good credit history. If do not have a credit history it is as bad in the lending world as having a bad credit history. Thus, credit cards in own name are a good idea. Pay off the total balance at the end of each month. That way you will avoid steep interest rates and establish a history of paying on time. This will put in good stead with banks or other lending institutions for those large purchases like a home or home renovations.
Bad credit reports often determine the rate of interest on your mortgage or home loan. Thus, it is critical to have an excellent credit rating. You get this by paying off balances, always being on time with student loans, car loan payments and? never missing a mortgage payment.
A good credit report proves that you are a responsible borrower who, in all likelihood will repay your loans on time. Lending institutions from whom you hope to borrow for a home loan or to whom you are applying for a credit card like to see this.
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In order to be eligible for a loan at a reputable lending institution such as a bank, you need personal finance and credit score between 300 and 800. To get this personal finance and credit score, you need to have borrowed and/or have a credit card. Paying all bills on time and your score will be high. If you?ve never borrowed or had a credit card of own, have no personal finance and credit score. That is why many women have had trouble buying a house or a car or starting a business unless their spouse or parent co-signs. Don?t put yourself in this position!
Now that qualify for credit, need to know the lending institution?s base charges. Sign for only those things asked for. Examine carefully the terms on conditions of the loan before you sign.
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Source: http://www.credittocredit.com/loans/where-to-get-the-home-loans-credit-cards
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