John Dewey famously said “No man’s credit is as good as his money.” It seems just the opposite today, when a bank doesn’t care about how much money you have in the bank account, they only care about your credit history. If you are going to apply for a personal loan, you have to make sure you have a good credit history.
But once you have that personal loan, you cannot conveniently forget you have it. If you do that, you will end up with nasty phone calls from credit collection agencies and that will not be the worst of it. You will now have a bad debt reported to the credit agencies. Credit bureaus get all of the information, good or bad, about a consumer from every bank, finance company, store merchant and credit card company. Don’t think your loan will go under the radar; it won’t. Once it has been reported to the credit bureau, it goes in your file, and now, any time you want to apply for a loan or credit line, the financial institution will look at that record to see if you have a good payment history and determine what kind of a credit risk you are.
But, your life is not ruined just because you now have a bad...
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