Improve Your Chances of being Approved for a Joint Loan
At some point in your life, you may come across a default or negative listing on your credit report and will need to clear credit. A credit default or adverse information on a credit file can impact your ability to move forward with a finance application. That is why a service like ours at Clear Credit Solutions is vitally important. Clear Credit Solutions can assist in helping remove any adverse listings from a credit report in Australia. That way there is nothing stopping a finance application from proceeding.
However, not all listings can be removed from a credit report. Only some listings can be removed and checking your file first along with a follow up phone call or enquiry to Clear Credit Solutions is best practice. Our friendly team can assist with any enquiries from client’s or brokers about adverse credit defaults or information.
Along with a team of friendly staff, we at Clear Credit Solutions are the proud winners of the Product Review Award for Best Credit Repair Company in Australia for 2020 & 2021. We have a range of useful articles like this one about credit repair to assist you.
Are you wondering if you can still qualify for a joint home loan even though your partner has bad credit? Look no further! This clear credit article provides all the answers, so continue reading to find out more!
As a couple, having good credit scores is essential when applying for a joint home loan. But don’t fret if one of you has unfavorable credit; there are proactive measures that can be taken to help you qualify and secure your financial future!
Although marriage doesn’t unite your financial histories, it can still have an influence on your credit scores – especially when you and a partner with bad credit apply for joint home financing. Uncovering this fact is often only made obvious when pursuing such loans.
When applying for joint finance, lenders will assess both applicants’ credit scores to make a decision and set an interest rate. Unfortunately, if you have a top-notch score but your partner’s falls in the lower category—or vice versa—it’s unlikely they’ll provide their most attractive interest rate.
What’s more, the lender could potentially decline your joint application regardless of how well-qualified one applicant is if either you or your partner has a low credit score. The reason for this being that both parties are responsible for the debt, hence increasing the overall level of risk to lenders.
Never let someone’s credit score be an indication of who they are as a person. It is entirely possible that people have low scores due to circumstances beyond their control, such job loss, hefty medical bills or other financial issues. We must remember this and keep in mind that these situations can change over time; it does not necessarily mean someone has bad money habits!
Strengthening your partner’s credit score can be achieved by working in unison. Discuss and set financial goals together, then evaluate the potential options: applying for a joint card with a low limit; listing them as an authorized user on one of your cards; or keeping tabs on progress made. After analyzing your scores to observe changes, you may even have the ability to demand better interest rates from creditors if any advancements are seen!
If you find the entire process of managing your financial situation to be overwhelming, allow yourself a sigh of relief and consider seeking specialized help. Financial advisors can provide tailored advice that is based on your unique circumstance.
Fixing your credit is important to maintaining financial stability and Clear Credit Solutions is here to help you every step of the way. With our no-risk policy, you can be sure that we will do everything in our power to help you improve your credit score. Give us a call today for a free credit assessment and let us help you clear credit!
Source: Jasper
At Clear Credit Solutions, we’re committed to helping you achieve your financial goals. With our full refund guarantee, and no investigation or admin fees- you’ve got nothing to lose by giving us a call for a free credit file assessment. So what are you waiting for? Contact our clear credit experts on 1300 789 783 or fill out an application form, and let us help you take the first step towards fixing your bad credit today!