What exactly is regarded as ‘bad credit’?
Have a payment was missed by you for a bill, charge card, your home loan or other sort of debt in the past?
Odds are it is in your credit report, accurate documentation of one’s credit rating maintained by credit agencies that are reporting Equifax (formerly Veda Advantage).
Such listings are thought as black markings by credit providers like banking institutions and so they can stop you against qualifying for the true mortgage loan:
- Mortgage arrears: Missed re payments in your mortgage loan. The greater the amount of missed payments you’ve got had within the last few 6 months then the greater lenders that are wary be. Generally, banks will likely not refinance your loan when you have missed just one single payment!
- Bad credit rating: undesirable listings such as for example defaults, bankruptcy, judgments, court writs or credit that is too many on your own Equifax credit report will make the application doubtful.
- Lender credit score: the lender to your past credit history you are obtaining. Loan providers have actually a really long-term memory for the clients they have had problems with in past times.
- Unpaid bills or income tax: Outstanding bills such as for instance council prices or income tax bills are a kind of bad credit score that will perhaps not initially show through to your credit history but might be visible from the supporting documents you will need to offer.
- Business in monetary difficulty: then this can affect your personal credit history if you’re the director of a company that is in financial trouble, receivership or liquidation.
- Over committed: then the major banks may assess you as being insolvent or beyond help if you have too many debts for your income or your total assets are less than your total liabilities. Leer más