Posted by: islamicfinancingnews | June 25, 2013

Islamic loans and your credit

islam21 Your credit is one of the most important factors your lender will need to consider when you apply for proper Islamic loans to purchase your first home or your next home. In fact, you’ll need to provide proof of a decent credit score no matter which type of Islamic finance product you’re considering to prove to the lender that you are both able to repay the loan and willing to do so. Here are some suggestions to make sure your credit will make a positive impression on the lender of your choosing.

Of course, paying your outstanding loans, credit balances and other bills on time is a sure way to improve your credit profile. Making sure you don’t exceed your credit limit is another common sense approach to keeping your credit in good standing. It’s also important to avoid late payments whenever possible.

Even people with a poor credit history can improve their credit score over time. It’s a good idea to review your credit report each year to check for and repair any inaccuracies that could negatively impact your score. Improving your credit rating will allow you to enjoy better rates and terms when you apply for Islamic mortgages.

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