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3. FICO depends on each credit report, so before you apply for a home mortgage loan, if you have bad credit history, get a copy of your credit report and make sure there is nothing on there that shouldnít be there. If there is, get it changed before you apply for home mortgage loan.
4. Wait until after you have purchased or refinanced your home before you buy anything additional on credit. More loans or higher balances can have a dramatic effect on your mortgage approval, regardless of whether or not you had over a 600 FICO score before you bought on credit.
5. Remember, FICO score is only a part of your home mortgage loan application, so if at first you donít succeed in getting your home loan mortgage, donít give up. Some lenders may still be willing to lend to you!
People with bad credit often don't understand how credit scoring system works. It is beneficial to find out more about it when looking to get a home loan with less than perfect credit to bad credit or when dealing with sub prime mortgage lenders.
To see a list of recommended poor credit mortgage loan companies online, visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml - Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and more about various types of loans.