Half of the people looking for a home loan have a bad credit score. Recent recession and hard economic times have out a great many of us behind out scheduled payments. However, a bad credit score isn’t actually the end of the world. There is hope out there for just about everyone. The following are a few ways which can help improve your credit score and help you secure a home loan.

Improve your payment history

Making timely payments can help improve your score dramatically. The key is to make sure that

Make sure you check your credit history

Highly successful individuals are smart enough to check their own credit scores. This is a sure fire way of knowing where you actually stand. What you may consider a bad credit could not be so bad after all. Or if you have been thinking that you have an impeachable credit score and finding your credit history proves otherwise. Being aware of where you stand can help you improve your credit score a great deal. If you want more information on credit history and private mortgage loans, click here to learn more.

Get a new credit card

Getting a new credit card or two could actually have a good impact on your credit score. However keep in mind that you have a good credit limit and make timely payments. This would reflect on your credit history and can make it go up a notch or two.

However the key is to under use your new credit card and not just use it to make all the payments you want. The ideal credit utilisation ratio shouldn’t be more than 30%. It actually doesn’t matter that you always pay on time what matters is that you show up as a responsible person and not a spend thrift.

Increase your credit limit

Having your credit limit increased reflects well on your credit history. However you have to be careful that you don’t increase your spending habits accordingly. Doing so would put you back on square one. This is tricky and if you believe that you won’t be able to control your spending impulses then this idea probably won’t work well for you.

All these above mentioned tips and ideas can help you improve your credit score. Visit this page to find out if you could secure a home loan despite a bad credit history.