When applying for a house mortgage loan, you need to check your personal credit report. If you have a bad record on your personal credit report, you may be denied a loan by the bank. When borrowers apply for a mortgage, they can check their credit report first. If they have bad records, they can wait until the bad records are eliminated before applying for a loan.

What are the credit requirements for home loans?

1. The personal credit system, also known as the consumer credit information system, mainly provides personal credit analysis products for consumer credit institutions. As customer requirements increase, the data in personal credit information systems are no longer limited to traditional operational areas such as credit records, and attention has gradually shifted to the business field of providing comprehensive social data services.

2. Specific features of the personal credit system: The personal credit system contains extensive and accurate consumer information, which can solve the constraints of insufficient customer information on corporate marketing and help companies use the most effective and most efficient way. It is an economical way to reach your target customers, so it has extremely high market value. The application of personal credit system has also been extended to areas such as direct sales and retail. In the United States, one-third of the profits of personal credit reporting agencies come from direct sales or database marketing, and personal credit reporting systems have been widely used in corporate marketing activities.

What are the behaviors that affect credit reporting?

1. Overdue credit card payments.

Credit cards are widely used in our lives. Some credit cards have relatively high limits. If the credit card holder uses it more, it will be more difficult to pay back the credit card. Late repayment of credit cards affects personal credit, which is common in our daily lives. Using credit cards for consumption has become a living habit for everyone, but if the credit card is overdue multiple times or the amount of overdue repayment is large, or personal loans, If the student loans applied for during college are not repaid in time within the prescribed period, personal mortgage loans and car loans will be affected.

2. Default on bank loan.

In addition to using credit cards and buying houses, there are actually many times in our lives when we deal with bank loans, such as mortgages to buy cars, consumer loans, etc. If you are a borrower who has successfully obtained a loan from a bank and fails to repay the loan in full and on time as stipulated in the contract, your credit will be stained and it will be difficult to apply for a home purchase loan again.

3. The debt is too high.

The personal credit report contains a lot of content, and it will record the debt situation of the home buyer in detail, so if the debt is too high, it will also affect the personal credit report. Usually when a bank approves a loan, it will also inspect the borrower's debt situation. If the personal debt ratio is high and reaches more than 70% of personal income, the bank will question its repayment ability and it will be difficult to apply for the loan.

4. Be a guarantor.

Don’t think that the guarantor does not need to bear responsibility. In fact, providing a guarantee for others will also affect your personal credit. If a home buyer provides a guarantee for a third party, and the third party fails to repay the loan on time, it will also This will cause a stain on the guarantor's credit report. In addition, if your credit report has been inquired by different banks many times over a period of time due to loan, credit card approval, etc., but there is no record of loan approval, this will also affect your personal credit report.