Bad Credit Mortgage Loans - Are You Killing Your Chances Of Getting Approved

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Bad Credit Mortgage Loans: Are You Sabotaging Your Approval Chances?


Summary:

Securing a mortgage with poor credit can be challenging due to a limited pool of willing lenders. It's crucial to maintain and improve your credit rating to enhance your approval chances. Unfortunately, many inadvertently harm their potential. Here are three pitfalls to avoid if your credit history isn't favorable.

1. Avoid Multiple Credit Inquiries

Applying for numerous loans in a short period can damage your credit score. Each lender's inquiry can lower it by a few points, potentially making you ineligible for a loan. Opt for online lenders that offer pre-approvals based on your credit information without the need for a hard pull.

2. Limit New Credit Accounts

Opening several new credit accounts can raise red flags for lenders. It increases your debt-to-income ratio, complicating approval. Be cautious about adding new credit lines when seeking a mortgage.

3. Stay Current on Payments

Some believe that existing credit issues mean timely payments no longer matter. However, consistently paying on time can gradually improve your credit score, boosting your approval chances.

For a list of online bad credit mortgage lenders who don’t require a credit pull initially, visit: [ABC Loan Guide](http://www.abcloanguide.com/lessthanperfectcredit.shtml).

You can find the original non-AI version of this article here: Bad Credit Mortgage Loans - Are You Killing Your Chances Of Getting Approved .

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