A poor credit history is a problem for anyone who has missed or made late payments on a credit agreement. It not only affects that individual, it has an impact on anyone entering a joint borrowing agreement. For example, a joint mortgage. A bad credit rating isn't intended to be a life sentence, but it will make borrowing money more difficult for the next 7 years (6 years in the UK). Whilst there are a number of things that can be done to recover from a low credit score, the recovery process is a gradual one.

A Poor Credit History Makes Borrowing Money Difficult

A bad credit rating will be registered with the leading credit reference agencies (Experian, Equifax and TransUnion). When applying for a loan, the lender will use a credit scoring process to determine the customer's credit worthiness. Should a customer have a low credit score, the chance of being approved for a mainstream unsecured loan or credit card is reduced considerably. A secured homeowner loan may still be available, subject to sufficient home equity being available.

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