Do you want to buy a house through a mortgage loan, but you have a bad credit history? We tell you what credits you can access, how to fix your situation in the credit bureau and as an extra bonus, some financial tips that will help you not to go through this situation again. Don’t miss it!
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Having delays in your payments and unpaid debts are actions that influence your credit history , it does not matter if the delays are in payments for services such as cell phones, credit cards, or departmental cards; These are always reflected in your credit history and affect you more than you can imagine.
Among the negative aspects of having unpaid or delayed debts is not being able to access a bank loan or mortgage , because your behavior as a payer is very important to financial institutions. Imagine that a friend asks you to borrow a large amount of money, but you know that he does not pay on time or that he never does, would you lend him the money? probably not. The same goes for commercial banking.
Financial companies that grant mortgage loans
There are few financial institutions that grant loans to people in this situation and those that do have much higher interest rates , more severe penalties and do not grant a large amount, this can be 70% or 60% of the value of the loan. housing , so you would end up paying a lot more.
However, if you are salaried and have social security, you can access an Infonavit loan, since it does not require you to have a good credit history . We know that these loans have higher interest rates and are calculated in times of minimum wage , so each year your debt will increase, however, you can request it while you fix your history, once solved you can request a mortgage replacement loan with another financial institution.
How to improve my credit history?
It is important that you know that the Credit Bureau is an institution and that if you have a bank loan, credit or departmental cards you will be there, the important thing is to have good behavior as a payer, in other words, pay your debts and comply with the payments on time.
To clean your credit history, you must first pay off your debts and then wait for them to disappear, with information from the official website of the Credit Bureau, the debts are eliminated according to the following terms:
Less than or equal to 25 UDIS (approximately 141.75 pesos) are eliminated after one year
Less than or equal to 500 UDS (2,283 pesos) are eliminated after two years
Over 500 UDIS and up to 1,000 UDIS (5,670 pesos) disappear after four years
Debts greater than 1,000 UDIS are eliminated after 6 years as long as they are less than 400,000 UDIS (approximately 2,268,000 prisoners) and also the credit is not in court and you have not committed fraud on your credits.
So that you do not have financial problems again, it is necessary to start saving and create an emergency fund, this will help you get out of unforeseen events as well as unfortunate situations, you can also use it as a down payment for your new home. On the other hand, make a list of all your expenses, reduce and eliminate ant expenses, these are the ones that most affect your finances, try that your debts do not exceed 30% of your income and if they exceed it, look for a way to pay off the ones that generate the most interest.
Keeping your personal finances healthy can open the door to many different types of financial tools, including those that could help you start a business of your own. If you need a mortgage loan for acquisition, construction , expansion, mortgage replacement or SME, contact us, we will help you manage the one that suits you best.
