To just put this across, it is the ratio between how much you earn and how much you pay in terms of bills, loans and your personal monthly expenses. The more loans you have, the more the debt to income ratio will be. This means that that the chances of getting a new home loan is weak.
>>>Remember, bad credit loans come with high interest and require a stable source of income in most cases. Evaluate your options properly to get the most affordable deal for yourself. Nevertheless, if you have a bad credit, not all hope is lost!
>>>If you own an asset, you may use it for the loan and get funds against the same.A bad credit score does not mean that you cannot raise funds at all. You might have to put in additional efforts for the same, but it is possible to get a personal loan with a bad credit rating.
>>>Your credit score and the current mortgage rates always share an inverse relationship, which means that if you have an excellent score then you will easily get a loan at a lower mortgage rate. On the other hand, a bad credit score will increase your mortgage interest rate.
>>>Length of credit history - If you've been a long time borrower and a responsible one, the higher the score. Types of credit in use - Credit cards, personal loans, mortgages etc are the kind of credit a person may already have.
>>>There are some financial institutions which specialize in offering bad credit personal loan. The banks look for - your length of credit history, fair to bad credit score, collateral in case the loan gets defaulted.
>>>