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Tips for building a good credit history

The credit history reflected in the database we know as the Credit Bureau is perhaps one of the most important elements when applying for a mortgage loan. Not having one or having a negative credit history can determine whether you are granted the credit you need to buy your house or apartment. For this reason, building a good credit history is a key part of responsible personal finances.

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Apply for credit as soon as possible

If you are just starting to work, we recommend getting a credit card that you use as a means of payment, not as extra money, to begin building a credit history with a low level of indebtedness. The more credit history with a low level of indebtedness you have, the more willing banks will be to lend you money when you want your mortgage loan. Just remember the billing date and pay the total balance on time every month to be a "totalero" and avoid incurring very high financial costs.

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Take care of your Credit Bureau report

As we have mentioned in previous blog posts, being listed in the Credit Bureau is not a bad thing. Everyone who has credit is registered in the bureau; however, the important thing is to ensure that our record is positive. A good credit history will show that you can take on the financial responsibility that banks look for when granting mortgage loans.

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If, for some reason, you are behind on your payments, it is essential that you catch up so that your record in the Credit Bureau improves. Once you have at least 6 months of on-time payments, you can apply for your mortgage loan.

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Avoid overindebtedness

Overindebtedness can destabilize your finances if you do not manage your credit lines responsibly. That's why we recommend avoiding debts that you do not pay off in full each month, especially if you are thinking of applying for a mortgage loan. If your current level of indebtedness exceeds 15% of your gross monthly income and adding the monthly mortgage payment exceeds 40% of your gross monthly income, banks will be more reluctant to lend you money. So try to avoid these debts, especially if you plan to apply for a mortgage loan in the coming months.

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If you are not sure if your credit history is the best, don't worry. The team of associates at Tu Hipoteca Fácil will review your entire credit profile to identify areas of opportunity and prepare a solid file for you to be granted the mortgage loan. Schedule an appointment now and start building your assets.

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