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Bad Credit
History Are you tired
of having your loan applications rejected due to a bad credit history?
Most people worry about these black marks hanging around forever. The truth
is that payment defaults stay on your credit file for five years and then
the slate is automatically wiped clean. Bankruptcy is reflected for seven
years.
One of the most common mistakes people make is believing that once a default
is paid – their bad credit history goes away. In fact any lender looking at
offering you credit will be able to see your defaults on your credit report.
Consequently an unsecured loan is pretty much out of the question.
Your Bad Credit history should not prevent you from being able to take out a
home loan. You may also be able to consolidate your other outstanding debts
into your mortgage providing there is sufficient available equity.
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