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The impact of a bad credit history on getting credit.

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  • The impact of a bad credit history on getting credit.

    Credit history plays an important role in obtaining a loan. If your credit history is bad, and it becomes so after a number of delinquencies on loans and credits, then the client's chances of approval of a new loan are significantly reduced. How to cope with such a situation? What are the solutions?

  • #2
    A good credit history is an important factor in a financial institution's decision to grant credit to a borrower, but it is not the only one. In addition, there are other evaluation criteria, such as stable and high income, the ability to provide collateral. That is, financial institutions consider it acceptable risk to get a loan even with a very bad credit history.


    • #3


      • #4
        I don't think it's such an unsolvable problem at the moment. Most likely the interest on the loan will be a little higher.


        • #5
          If you have a bad credit history, you should not take out a loan. But if it is really necessary, you can use the collateral, and then the bank will approve the loan. If you are over 62 years old and own real estate, I advise you to find out how to apply for a reverse mortgage and take advantage of this offer. Then you will not have to pay any monthly amounts to the borrower, and at the same time, you will be able to get the money you need. Here is about such an algorithm for solving the problem of bad credit history, in my opinion.
          Last edited by Wakarisu; 05-17-2022, 04:02 PM.