Posted by: islamicfinancingnews | April 28, 2014

Islamic home loans rely on a good credit history too

If you’ve been looking at buying a home using islamic mortgage loans, you already know there are some similarities and differences between the Islamic home loans and their Western counterparts. One of the similarities is the need for a good credit report.

A good credit history can follow you well beyond a home purchase and throughout your life so here are a few ways you can maintain one of these all-important factors.

Spending money wisely is a good way to keep everything in line. For example, if you use your credit card like you are deducting money from your checking account, you’ll be more responsible with it.

On the flip side, if you’re not going to use a credit card, the best thing to do is close out the account and inform the respective credit bureau. It’s also a good idea to stay at the same residence if you can because stability is another factor in maintaining a good credit score.

The same goes for your employer. It’s a good idea if you can stay with the same job for a long time because this works with staying at the same residence to give you a good reputation when applying for islamic home loans.

 

 

 

 

 

 

 

 

 


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