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Is it Better to Have Bad Credit than No Credit?
Manage episode 154619247 series 1128646
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If you're going to obtain mortgage financing, which is worse: no credit, or bad credit?
The short answer is that having no credit is worse. You'll have a hard time getting a credit card or a mortgage because you have no history to present to a creditor or a bank.
You have to start somewhere to build credit. You need to build installment credit with things like car loans or mortgages, and you need to pay off credit cards. Ultimately, having no credit makes it tougher to get a loan.
If you have bad credit, you can get a loan, but you will pay more on interest.The best thing to do is take care of bad credit. Pay down your cards to 25%, make your payments on time, and stay away from bankruptcy or foreclosures.
If you have a low credit score but can make mortgage payments on time, we can cut into the credit cards and get you a better credit score, which will get you a better interest rate.
If you have any questions, please give me a call or send me an email. I'd be happy to help you!
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