Credit score is an essential term applicable to the sphere of loans of different nature. This is a generalized rating given to every borrower by lending companies that he or she has ever entered into a contract with. Borrower’s credit score is seen as a decisive factor when it comes down to approval or rejection of a loan application, and the significance of this criterion can hardly be overestimated. In this series of articles dedicated to credit score our experts will explain how to affect and improve your credit score, as well as how to receive a loan with a subpar credit score.
It should not happen, but sometimes it does. The economic difficulties are incumbent, there are so many expenses, money is scarce and so you end up giving priority to other things, skipping paying some personal loan installments. And this is how your name ends up in credit bureaus’ registers, the database of bad payers. Anyone in this uncomfortable situation will have many difficulties in obtaining new loans, often banks categorically refuse to lend money to those who have not always been excellent payers. What to do then in these cases? Should we consider that everything is lost and that we can never get a personal loan for the rest of our life? Continue reading