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Coping With a Bad Credit Rating

Q)I want to buy a house or condominium as soon as possible. However, a few years ago I had some financial problems and have a poor credit rating. What can I do to get it removed from my record? Will any lending institution take my application for a mortgage loan with this kind of background?

A)Unfortunately, once a person has a bad credit rating, it follows him or her for a long time. Credit bureaus, which keep track of our financial histories, do not expunge these bad ratings for many years. When someone applies for a mortgage loan (or any loan, for that matter) the lender often checks with the credit bureau. In your case, the lender would get a negative report.

Many mortgage lenders ...

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