Posted by: islamicfinancingnews | October 21, 2014

Islamic home financing and some ways to repair a credit score

It’s important that you find yourself standing on good financial legs before you apply for Islamic home financing. Eventhough Islamic mortgage financing is riba free you’ll need to have a good credit score so that you don’t present a bad risk to the lending institution that wants to give you the money.

Some people have found themselves in an unenviable position when it comes to their credit score through no fault of their own. For these folks, making sure to repair the credit score is a necessary first step before you can get ijara loans.ijara 1

Starting with the fundamentals is your best plan and that means paying your bills on time if you haven’t already been doing that. If your credit score is in serious trouble, although it might sound counterintuitive, taking out some credit and making sure you make regular payments on it is a great way to start rebuilding trust with any lending institution.

Remember that no credit score is irreparable. No matter how far down you’ve gone it’s possible to turn things around and let lending institutions and banks know that you’ve become financially responsible.

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