Credit Rating?
I have checked my credit rating and it is 'fair'. Is this ok to get a mortgage or a car on hp?
Public Comments
- A car maybe yes, but a mortgage? I dont know. I would think you will need a higher rating for that.
- Sure, but often they don't tell you your credit score. Even though you may be good at paying bills at the same time of the month, sneaky credit card companies allow about 25 days in the billing cycle. That means, you bill will fall on a different day of the month. They are truly the "drug pushers" of the credit industry. Congress is to blame for deregulating them and now are considering reining them back in. Like, duh, we once had laws to protect the country from these practices but PAC or Political Action Committees pump in a lot of money to reelection campaigns to Congressment. So, if you have fair credit, they'll probably give you a loan but at a higher interest rate than someone with great credit. And, I'm not sure anyone in the world has great credit the way the system works.
- In terms of mortgage I think it depends on a bank and also on many other factors, like status your employment - are you permanent or temporary, what your current salary is, how long have you lived in your current property and whether you paid council tax regularly, how much money you have coming in and out of your current account each month... I think you will get a loan for a car but, as above, it will be high interest. In terms of mortgage banks may be more keen to give you that as in worst case, if you stop paying they will take over the house. I think you need to decide which one you want to go for, a house or a car, go to the bank and see what they say. Or try speaking to a financial advisor first, they may give you more information specific to your situation. You may get this advice for free in estate agents.
- It would depend on the mortgage or HP company. Mine is poo cos of pass history but with some proof of income to Finance compnay for my car and past customer they gave me credit on my car i have now.
- no!!!
