18 Jun Check Your Credit Score for A Home Loan

Posted at 09:29h in Credit Score by

You should always check your credit score when applying for a home loan. Imagine heading to the bank and sitting down with a consultant, excited to get a home loan. “We just need to run a few preliminary checks,” your consultant explains. Sweat beads on your forehead– you weren’t expecting her to check your financial background.

Your consultant enters your ID number into her computer and pulls your credit report. “Your credit score is 450. Unfortunately, we can’t award you a home loan because of your high-risk status.” Your cheeks burn with humiliation…you weren’t aware of how bad your credit was.

Save yourself the embarrassment with a free online credit check from Credit Boost. It won’t cost you a cent and only requires your ID number for a full credit report in a few minutes.

Why Do Home Lenders Check Your Credit Score?

Check your credit score with only your ID.

Your credit score is an endorsement of your responsibility with finance. A low score indicates that you are a high risk. Your history might show that you make payments late, have defaulted, declared bankruptcy, or have recently undergone debt review– all of which illustrate that you cannot be trusted with a loan.

What Happens When The Bank Checks My Credit Score?

Get a credit check that won't hurt your score.

When creditors check your credit score, they perform a hard enquiry. Hard enquiries bring down your credit score, especially in a short period. This is because it illustrates that you are desperate for credit, that perhaps you are struggling financially or don’t have the means to finance your bills. You should perform a soft enquiry that won’t affect your credit score rather than the banks’ check hurting your score.

Check Your Credit Score Safely And for Free

Get a free credit check now.

Check your credit score today with Credit Boost’s free credit checker. We only request your ID number and contact details. You’ll have your credit report in minutes, including your score. You can assess your history and decide whether to request finance from there.

Check your credit score now or contact us today to get your credit questions answered.