Loans for People with Bad Credit
For people, who come to the bank in order to apply for a loan for the first time, the main criteria, which influences on the amount and conditions of credit, is the level of the creditworthiness.
But for those, who have already tried to get a loan, no matter whether it is the same bank or not, the decision is being made according to the information, which is contained in the credit history of the borrower.
The credit history of the customer is considered to be bad, when the borrower, after getting a loan, starts to cancel it with serious violations or even refuses to call of the credit. In order to avoid such risks, which turn out to be a real threat for the bank, some credit bureaus make a special mark on every bad credit. The main reasons for such action are:
- Failure in cancelling the credit (the most serious violation),
- Numerous delays in payments on a loan from five to thirty five days (medium violation),
- Not more than a one delay in payment for a loan during the five day period (normal).
A credit history, which includes information about a one – time payment delay is not considered to be ideal, but at the same time, it will not prevent a borrower from getting another loan.
On the other hand, a credit story with medium violations is up taken by commercial institutions as really bad. But if a loan is repaid by the borrower, he still has a chance to get a credit, but only at the discretion of the bank.
In case, a borrower has made the most serious violation, his credit story will not even be in point and his appliance for a loan will surely be denied.
Beside these factors, there are some other aspects, which can spoil the credit history, even in case the loan is totally canceled. Even such insignificant thing as delay in paying aliments can be a serious reason to put a mark on your perfect credit history.
However, differently spoiled credit history can also be renewed in different ways.
What are the ways to bring your reputation back?
First of all, it is very important to find courage and tell the bank, that you are not going to make any delays anymore. You should also bring some checks, as a prove of your ability to pay for the credit, or it can be a document, which shows, that you have a permanent place of work with high enough salary. In this case, taking into consideration the fact, that you have changed your attitude to such a serious thing as a loan, a bank will approve your application on a credit.
Secondly, you can provide a bank with a forcible argument of the fact, that you were not able to cancel the loan due to such reasons as illness, delay of a salary by the employer, problems with employment etc.
Thirdly, a good provident of discipline of the borrower will be an opening a deposit in this bank.
It’s a pity, but sometimes having a bad credit history can be a result of a bank clerk mistake, who gave wrong information to credit bureau. That is why you are recommended to check your credit story as often as possible. In this case, you should turn with a claim to a court, where the right decision will be taken.
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