Today, few people do not know that having spoiled their credit, we make the issue of obtaining a loan more than problematic. However, few know that even in this situation it is possible to apply for a new loan – although this process is very troublesome.
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Actually the concept of a spoiled credit history is very general. After all, it can become so for various reasons. Someone just made a delay in payments a couple of times, and someone made a loan and did not return it. In both cases, the credit “biographies” will be spoiled, but the first person may have serious excuses for his violations (for example, illness or salary delay), but the second one is definitely not worth re-issuing borrowed funds. All this is well understood in banks, so a person who has committed gross violations in the fulfillment of his credit obligations will not be provided with a new loan. And not in any credit and financial structure, because they all not only use the information of the credit score, but also exchange “black lists” among themselves. In turn, the borrower, whose credit reputation was “stained” by minor violations, may well receive a new loan – albeit in a small amount and at higher interest rates.
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Are you sure that there is a good excuse for all your credit delinquencies? Then, to obtain a loan, you can use the services of credit brokers. These professionals will assist you in obtaining a loan and correcting your credit “biography”. When you pay off with the bank “without a hitch”, the corresponding changes will be made to your “dossier”. However, it is not always possible to prove that you are right. What to do if a loan is needed right now and there is simply no time to “clean” a credit “reputation”? If your violations of past obligations were really insignificant, you can try to get a loan with a bad credit history in the credit and financial organization whose services you used before. Your chances of getting a loan will be significant if you have already used several loans in this bank, and the problems were only with the latter. Then you can even expect to receive a loan on standard terms. However, to pass a tough interview with the loan officer will still have to.
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The situation is much more complicated when you have only one loan in the arsenal – and that problem one. The bank will either simply refuse you, or they will offer you to apply for a loan with an increased interest rate. The credit “biography” also affects how much money you will receive. Of course, you will have to forget about the registration of a car loan or a mortgage until the full “clean” credit history. However, you can count on the fact that you will be “lent” from 10 to 10 thousand dollars. Such loans are issued in just half an hour and all of the possible risks have already been incorporated into their rather big final cost. Even with a tarnished credit “reputation” you can take such a loan. However, if you, having issued a loan in the past, thereby provoked a serious problem in the form of unreturned funds, you will be denied even such a loan.
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Having found a bank that is ready to lend you, despite the problematic nature of the credit “reputation”, prepare for the requirement to provide a large package of documents – you have to check more than serious. And another important point – the credit history has its own limitation period – 15 years. If your problem loan was issued a long time ago, you can safely forget about it and go for a new one.
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Today we can say that the brokerage market in the lending segment is still in its infancy, although many borrowers have already been able to evaluate the convenience of such services. True, this statement is true in relation to large cities, in particular, in the capital today several large structures are already functioning, providing assistance in obtaining loans to those who have no work experience, there are credit debts, who have a damaged credit history or just those who want save time and at the same time “borrow” money from the bank on the most favorable terms. In the regions, recourse to a loan broker is a more complex issue.
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Most often, credit brokers are called upon to help in obtaining large and troublesome loans, in particular, mortgage loans. The loan broker will not only choose the most beneficial financing option for you, but also help you with the documents that you will have to collect a lot when you get a mortgage. In relation to consumer loans, borrowers turn for help where less often, because the banks themselves have minimal requirements for both the borrower and the package of documents. On the other hand, in some situations, the assistance of a specialist is required even when applying for a consumer loan.
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It is no secret that before giving a loan, each bank will certainly take an interest in the purity of the credit “reputation” of the potential borrower. Some of the banks will calmly accept information about the presence in this document of records about a pair of technical delinquencies not exceeding 30 days, while some will be interested only in the fact of repayment of loans. However, turning to a bank for a loan, you cannot know in advance how your chosen credit institution will relate specifically to your credit “biography”. Than to receive refusal for refusal, in this case it is better to immediately contact the broker, who will select for you a bank loyal to corrupted credit histories. The only caveat is that if your credit “reputation” is tarnished not only by the presence of delinquencies, but by the non-return of loans in general, no broker will help you in obtaining a bank loan, you will have to look for alternative lending options.
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It is worth noting that not all the ads that promise “loan processing without problems” correspond to reality. In most cases, you will be offered some kind of fraudulent schemes, which are dangerous to use not only for your reputation, but also for your wallet. Moreover, if loans for the unemployed can still be issued, since the banks themselves understand how much of the Americans work unofficially, it will not be easy for bank debtors to receive a loan. This is not about making a second loan, when you pay the first one carefully and on time. We are talking about cases where you already have overdue debt in another bank, and for some purpose you intend to open another credit account. It is worth noting that, regardless of the reasons for which you turn to credit brokers, those of these specialists who work with consumer loans, banks, to put it mildly, “do not like”, because they understand that they apply to consumer broker when there are some problems. But in some banks, they are not only well treated, but even welcomed by mortgage brokers, as this facilitates the process of mortgage lending for both parties.