How Your Bad Credit History Hurts Your Chance Of Getting A Loan
Obtaining a loan or any type of finance can be a real challenge. If you have a bad credit history and you are trying to get a secured loan or buy a house, you will usually have to do even more work to find a lender that will be prepared to lend you the money. You will also have to pay a higher interest rate than someone with a clean credit history.
What Is Credit History?
Before you go looking for loan, it is crucial that you know more about your credit record. This is a recording of all your past financial commitments and contains information about your repayment reliability and the total amount of debt you are carrying.
Lenders look at this record to determine your credit worthiness, usually by assigning you a credit score. The lower your credit score the less likely a lender is to grant you a loan.
How Did Your Credit History Go Bad?
Your credit history is an ongoing record of information about you and your finances, so anytime you miss a payment it is captured in the file. This is the same if you have ever defaulted on a debt or failed to fulfil a financial...
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