5 Financial Mistakes that You should Avoid
Jun 03, 2017 Home Trading Steps
At some point in life, we get tired of staying a rented house and decide to own a house. And we have firm belief that financial institutions are there to fulfil our dreams. However, when we land up, in reality, we find due to poor credit scores, the loan is not being sanctioned.
So following points need to be taken care of so that one doesn’t fall into such situations:
One might be against the idea of living under a financial liability which is good to some extent. However, this ideology may not be always beneficial as poor credit history is almost equivalent to no credit history. Financial institutions inquire about the customer’s financial behaviour in past before granting a loan and credit history helps them to identify that.
Nowadays everybody has at least a single credit card in their wallets. We must make sure that all the bills are paid on time and if there is any discrepancy in the bills it needs to be sorted as soon as possible otherwise it will reflect negatively on the credit history which may work against you in getting a loan.
Due to mouthwatering offers provided by financial institutions and lack of knowledge you might end up in accepting multiple credit cards. Multiple plastic currencies would be difficult in managing the finances prudently due to lack of understanding of finances.
Unintentionally sometimes we get so much involved with the financial institutions for the query of different loan products which leaves an impression that we are seriously interested in buying the product. There is no fault in gaining knowledge, however, this could be taken in another way by the financial institutes which may reflect while applying for loan approvals.
Depending on the repayment capacity one should be careful while applying for the loan amount. Ideally, one should not be overburdened with repayment and it should not be more than 50 percent of his income.
If we take care of the above points and comply with that then it would be quite easy to move forward to own a dream home.
So following points need to be taken care of so that one doesn’t fall into such situations:
One might be against the idea of living under a financial liability which is good to some extent. However, this ideology may not be always beneficial as poor credit history is almost equivalent to no credit history. Financial institutions inquire about the customer’s financial behaviour in past before granting a loan and credit history helps them to identify that.
Nowadays everybody has at least a single credit card in their wallets. We must make sure that all the bills are paid on time and if there is any discrepancy in the bills it needs to be sorted as soon as possible otherwise it will reflect negatively on the credit history which may work against you in getting a loan.
Due to mouthwatering offers provided by financial institutions and lack of knowledge you might end up in accepting multiple credit cards. Multiple plastic currencies would be difficult in managing the finances prudently due to lack of understanding of finances.
Unintentionally sometimes we get so much involved with the financial institutions for the query of different loan products which leaves an impression that we are seriously interested in buying the product. There is no fault in gaining knowledge, however, this could be taken in another way by the financial institutes which may reflect while applying for loan approvals.
Depending on the repayment capacity one should be careful while applying for the loan amount. Ideally, one should not be overburdened with repayment and it should not be more than 50 percent of his income.
If we take care of the above points and comply with that then it would be quite easy to move forward to own a dream home.
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