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If you're going to obtain mortgage financing, which is worse: no credit, or bad credit?
The short answer is that having no credit is
worse. You'll have a hard time getting a credit card or a
mortgage because you have no history to present to a creditor or a bank.
You have to start somewhere to build credit. You need to build installment credit with things like car loans or mortgages, and you need to pay off credit cards. Ultimately, having no credit makes it tougher to get a loan.
If you have bad credit, you can get a loan, but you will
pay more on interest.The best thing to do is take care of bad credit. Pay
down your cards to 25%, make your payments on time, and stay away from
bankruptcy or foreclosures.
If you have a low credit score but can make mortgage
payments on time, we can cut into the credit cards and get you a better
credit score, which will get you a better interest rate.
If you have any questions, please give me a call or send me
an email. I'd be happy to help you!
