Lost Credit card payments can negatively affect your mortgage approval. This is because the repayment capacity is rated low.
However, depending on the degree of delinquency or the financial institution, he may pass the exam. Let’s take a look at how to deal with missed payments.
①Confirm credit information with a credit reporting agency
First, it’s important to check your credit report.
For credit card questions, please contact CIC (Japan Credit Information Center) . For credit card delinquency information, it will be recorded for 5 years after completion of payment. Also be sure to check the expiration date.
② Get a certificate of completion
If you have experience with loans or cash advances, but have paid, prepare a payment certificate. Proof of repayment can also work in favor of loan approval.
③ Find financial institutions that are easy to pass the mortgage exam
Review criteria vary depending on the financial institution. It is also a good idea to check financial institutions that are easy to pass the screening criteria and compare them.
④Apply for a mortgage after 5 years have passed since repayment
Credit card delinquencies remain as information to reporting agencies for about five years. It is also an effective method to wait for the next five years and wait for the credit to recover before proceeding with the examination.
(5) Consider refinancing your home loan
There is also a method of first doing a PHH mortgage that is easy to get, waiting 5 years, and then switching to a mortgage with better terms once the individual’s credit has been recovered.
That way, there’s a countermeasure even if you forget to pay your credit card. When choosing a financial institution, there can be a lot of information and you may not know which bank is good.
If you think you’re at your limit, it’s a good idea to consult a financial professional who is familiar with mortgages. Instead of shallow generalizations, you should be able to get advice that fits your situation and be able to gather information efficiently.