What happens after you damage your credit rating ?
Hi, a question from Australians only. What are the consequences after you damage your credit rating. Example take a personal loan, or credit card and fail to pay back due to any reason. Question 1: Is it still possible to get car finance or any other loan while your payments are outstanding. Question 2: Is there any time duration after which your history could be wiped off. Question 3: What if the amount owing is too big to pay it back, and one declares himself bankrupt, in that case would he/she be able to start a new credit rating ? Question 4: In short, what are the options of getting loan/credit card/car finance (apart from paying the owing amount back) when one has a bad credit rating,
Public Comments
- credit card policy is pretty much the same globally. Consequences of having bad credit makes it more difficult, and more expensive to get any further loans, rent, or lease any property. For certain jobs that also require an extensive background check, it hurts your chances of employment. 1) Yes. Though is depends on how bad your credit rating dips. If it gets below 500, it is near impossible. 2) Yes. Typically 7 years 3) Bankrupcty last on your credit rating for up to 10 years. This is a sure way to destroy your credit rating. 4) None.
