Posted by: islamicfinancingnews | July 2, 2014

How your ijara loans and credit scores are intertwined

Not everyone who is using Islamic loans USA to buy a house in the North American real estate market understands how important the credit score is and how ijara loans and these numbers are intertwined. Making sure your credit score is in good shape is an essential part of getting the financing that will start the whole process. Here’s a few things you can do if your credit score has been damaged and you’re looking to repair it.

Start again.

Many financial experts will tell you that if you have bad numbers when it comes to one of these scores, rebuilding is the best option and you can start by getting a credit card again with a low limit so you can home ownershipmanage your transactions. The idea is to show lenders that you’ve turned the corner and are willing to be responsible and use your credit wisely. Many people who have decided to start again and build a new credit score make sure that the limit on these new credit cards is tied to the amount of money they have in the bank so they don’t overspend.

Even though ijara loans have been designed to keep you stay Sharia compliant and away from riba, you still need to work within some traditional parameters.

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