Posted by: islamicfinancingnews | December 8, 2013

Islamic finance and your credit score

If you’ve been involved with the Islamic finance process, you’ll see there are some similarities between more conventional mortgages and the Sharia compliant variety. Beyond the need to show any lending institution your work record and verify your present and past living arrangements, most places will want to see your credit score. Not everyone that’s new to North America will understand this system, so here’s a few notes on what you can expect from this necessary and important part of the Islamic loans process.

No credit score? That’s not a problem and certainly nothing to be embarrassed about. Still, it’s a good idea to start putting one together ASAP if you’re planning on getting a mortgage and one of the best ways to jump in for the first time is with a credit card. Your financial institution can help here and loanremember, above all, you need to use these responsibly.

Maintaining or fixing a bad credit score should be a priority once you’ve had one for a bit. Responsibility should be your catchphrase here. Pay those outstanding balances down and be sure to make your payments on time. Don’t go over the limit on your credit cards and be sure to limit the number of credit applications you make.

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