Improve your credit score

When it comes to purchasing a property, it is important to be aware of how much credit you qualify for, and the ways to improve your credit score.

Understanding your past repayment behaviour is a good assessment to determine how much you qualify for, as well as the interest rate. Your credit score informs prospective lenders of your consistency when repaying debts.

Credit scores fluctuate depending on past repayment behaviour. This means that a score can be ranked as low, medium or high, which varies depending on payment patterns. Thus, a higher score allows you to qualify for a better loan and interest rate.

To improve a credit score, one should avoid taking on further loans, and reduce current debt. When able to, it is advised to always pay more than the minimum repayment amount in order to pay off a loan faster.

Having a good credit score will give you the advantage of lower premiums and interest rates for repayments.

Contact Prime Property for assistance!