What exactly is regarded as ‘bad credit’?
Have a payment was missed by you on a bill, bank card, your home loan or every other sort of financial obligation in the past?
Odds are it is on the credit report, accurate documentation of the credit score maintained by credit agencies that are reporting Equifax (previously Veda Advantage).
Such listings are believed as black colored marks by credit providers like banking institutions and so they can stop you against qualifying for a mortgage:
- Mortgage arrears: Missed re re re payments on the mortgage loan. The greater the amount of missed payments you’ve got had within the last few 6 months then the greater amount of wary loan providers will be. Generally speaking, banks will likely not refinance your loan when you yourself have missed just one single payment!
- Bad credit rating: negative listings such as for instance defaults, bankruptcy, judgments, court writs or credit that is too many in your Equifax credit report could make the application doubtful.
- Lender credit rating: Your past credit score using the lender you are obtaining. Lenders have actually a really memory that is long-term the clients they have had problems with into the past.
- Unpaid bills or income tax: Outstanding bills such as for example council prices or income tax bills are a form of bad credit score that will maybe perhaps not initially show through to your credit history but might be noticeable regarding the supporting documents you’ll want to offer.
- Business in financial 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.…