What exactly is regarded as ‘bad credit’?
Have you missed a repayment for a bill, bank card, your home loan or just about any other style of financial obligation in the past?
Odds are it is in your credit history, an archive of one’s credit score maintained by credit reporting agencies like Equifax (previously Veda Advantage).
Such listings are believed as black colored markings by credit providers like banking institutions in addition they can stop you against qualifying for the mortgage:
- Mortgage arrears: Missed re payments on the mortgage loan. The greater amount of the amount of missed payments you’ve got had within the last half a year then the greater wary loan providers will be. Generally speaking, banks will perhaps not refinance your loan when you have missed only one payment!
- Bad credit score: negative listings such as for example defaults, bankruptcy, judgments, court writs or a lot of credit enquiries on your own Equifax credit history will make the application doubtful. [Read more…] about This site is actually for Australians whom actually have a bad credit history and require a mortgage.