Every year, crediting goes deeper and deeper into all spheres of our life, and a person’s credit history becomes a part of his own history, which is of great interest to banks. More recently, when applying for a loan, the main criterion for the solvency of the borrower was considered a good level of wages. But today it is no longer an indicator. Having once violated the terms of the loan agreement, you can still not expect to receive a new loan, even for the smallest amount. The stain on credit history is sometimes very difficult to “wash”. But still it is possible.
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To begin with, it should be noted that the credit history can be corrupted either by the borrower’s fault or by the lender’s fault, or rather by the carelessness of bank employees. We are all human beings, and it is all our fault Of course, credit organizations should try to reduce errors of this kind to a minimum, but it is impossible to insure against them. Once a year, each person has the right to get free access to his credit file stored in one of the credit bureaus. And it is desirable to use this right in order to avoid misunderstandings in time that may arise in the future when trying to get a new loan.
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If the credit history was damaged due to the fault of the borrower, it can no longer be rewritten, but it can be corrected. There is only one way here – not to make such mistakes in the future and to make all the available payments on time, not only in repayment of the loan, but also utility, tax and other.
A guilty borrower can prove that he corrected if he paid all his bills in good faith within two years. It is this term that banks consider acceptable in order to conclude that the purity of the intentions of the borrower with a tarnished reputation is pure.
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In addition, in order to unambiguously correct credit history, you need to return without delay and early repayment of at least one new loan. But how to convince the bank to issue this loan?
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First, bring to the bank documents proving that you pay in full and in a timely manner for utility services, communications, as well as on the writ of execution or on the schedule for paying off the debt of the previous loan. Secondly, certify the bank in your reliability with the help of a certificate of good salary, recommendations from the place of work. Thirdly, it makes sense to insure yourself when getting a new loan, life insurance, health insurance, as well as insurance against dismissal can be powerful arguments in your favor.
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In the West, borrowers traditionally begin to restore credit history with credit cards. A credit card can even be issued to a bad borrower, just the interest on it will be very high, and the credit limit is small. As the card is used, the bank is convinced of the reliability of the client, the interest is reduced, the limits are increased, and there are opportunities to get other loans. Do not forget that all today’s credit cards have a grace period in which you repay a loan without paying interest. Therefore, even a credit card with a very high percentage can be safely used to restore credit reputation, just pay regularly and during the grace period.
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For whatever reason, the credit history is not corrupted, everyone has the opportunity to restore his good name. But it must be borne in mind that the bank may not provide a second chance to rectify the situation. You can not take a loan, take it to repay irresponsibly, then rehabilitate for two years and start all over again. Therefore, having once been guilty, the borrower needs to make maximum efforts to prevent new mistakes if he wants to use credit services in the future.
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Well, the advice from “Captain Obvious”, it is better to warn the bank in advance about your problems and ask for restructuring or “credit holidays” than spoil your credit history.