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All About Bad Credit History
If you have a bad credit history, trying to get a loan or purchase a home, car or other large item purchase can be a bit of a challenge. A little bit of extra work has to be done to convince the lender to underwrite your loan. Also, you will have to face paying a higher interest rate and what you are able to borrow will likely be lower.
Credit History, what is it?
Personal credit history is something that every Canadian has access to. It contains a record of all past financial commitments and also has information about payment reliability and total of all the debt that you are carrying. This record is also accessible to banks and other credit companies when they consider you for a loan. Your credit worthiness is what determines your credit score which in turn is what determines whether or not you get a loan.
What caused me to get a Bad Credit History?
Credit history is an ongoing record. It is compiled of information of when you made a late payment or missed a payment. If you have ever defaulted on a debt or did not fulfill a financial obligation, that information will also be in your credit history. Consistently changing employers or addresses can also raise red flags and cause lenders to be hesitant when offering a loan.
What type of Loan do I Qualify For?
If you have bad credit or have had a history of bad credit, you are a possible candidate for two types of loans; secured and unsecured. Unsecured loans do not include collateral of any form so are a bit harder to get. Because of the lack of security provided, this is a riskier venture for the lenders. Secured loans are a type of loan for which some type of security or collateral is needed. It is usually in the form of securing ones house. The amount that is loaned depends on your credit history, total amount of debt and the value of your home. How these items are weighted depends on the lender’s criteria.
I have Bad Credit, Can I still find a loan?
If you have bad credit, getting a loan requires more thorough research. Before submitting any type of loan application, make sure you do research and look at all angles of the application process. Find out about interest rates, specific loan terms and any other specifics regarding the loan you are about to sign for. This is where an independent loan broker can come in handy and help you find the appropriate lenders and loan programs.
One of the easiest options is to research on the internet. All lenders have web sites that offer information about not only their loan programs but other bad credit avoidance strategies. But make sure you don't fill out too many applications at the same time because this actually can damage your credit rating further.
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