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I have poor credit; is it possible for me to use my house (which is paid off) to help me get approved for a loan?

I have poor credit. Is it possible for me to use my house (which is paid off) to help me get approved for a loan?

Debt, Real Estate
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January 2019

Payment history is an important factor in building a credit score as it accounts for 35% of your FICO credit Score. How long a card has been open (longevity) and the mix of credit that you have (auto loan, home, credit cards) also have an impact.

The easiest starting point would be to use a credit card monthly for a small purchase (like filling up your car with gas)  and PAY IT IN FULL, every month.

If you don't have a card, open one with a small credit line - $500 for example. Your rate may be high due to a poor score. However, if you are paying it in full monthly, this will not matter.

Good Luck!

January 2019
January 2019
January 2019
January 2019