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What to do if you have a bad credit history

Almost all of us at one time or another have paid a bill past its due date, or due to circumstances beyond our control, found it difficult to make repayment on a debt or credit card. Unfortunately, as many later find out, a late payment or missed repayments can continue to haunt you when you go to apply for a loan and find out that your credit history is being held against you. The issue with having a bad credit rating is that in most circumstances this will automatically mean you are declined application for finance. This is because statistically,…

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Overcoming Previous Credit History Issues To Obtain A Home Loan

Scenario Our client was an existing client of a non-bank finance provider for several years, due to self-employed lo doc aspects and some previous adverse credit history issues. They had been paying 6.79% (variable) interest on their existing facility which had not been reviewed for some years. The credit related issues were resolved some years ago and when they approach another lender to refinance their existing facility and seek additional funds for renovation they were told that they could not gain approval as there was another credit related issue on their file. This was a shock to them as they…

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