22/10/2024
Have you ever been declined by a bank due to past credit issues?
Every lender will treat past credit issues such as late repayments, defaults, multiple inquiries, and even bankruptcy differently.
Have you ever lent someone money but been disappointed by how long it took to pay it back or how they paid it back to you?
A bank is entitled to feel that same way too, to determine if they would lend you money based on your Character shown in a credit report.
If you have regular late repayments without any good reason - most lenders will want to see you make 6 months of regular repayments without any more issues.
But, if you do have a good reason to explain why repayments have been late, defaults have been made, or even why bankruptcy has been filed - some lenders will listen to your reasons and offer you approval if they feel your circumstances are genuine, so long as every other aspect of your application is strong (stable income, equity in your house, etc).
Not sure what your credit file looks like? You can obtain a copy of your credit report for free at equifax.com.au, or contact us to see if there are any blemishes that you need to address.
If you have any of the credit issues noted above, contact us to find out what you need to do to get a loan approved in the future, or if you have a chance of getting approval sooner rather than later - never give up!
