Posted by: islamicfinancingnews | August 22, 2014

Got Bad Credit? Here’s A Few Quick Fixes.

Going through the procedure to get Islamic home loans doesn’t make a lot of sense if you’ve got bad credit and probably won’t be preapproved in the final steps. Having a blemish on your credit record that can hurt your chances of getting Islamic mortgage loans isn’t a permanent situation. There are a few quick fixes you can implement that can change your record around so you’ll get the money you need to enter the real estate market.

• If you are having some problems with your debts, it’s a good idea to approach lenders and see if you can work out a plan. Most people don’t realize that banks and other financial institutions are often more than willing to work with someone who’s behind on their payments because it saves them money in the long run and circumvents the need to hire a bankruptcy agency.
• Of course making a bad credit rating a good one involves showing some effort and experts suggest that you can start turning things around by paying more than the minimum on the balances you owe.

Working on your credit score is good practice for handling other finances like Islamic home loans.

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