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< The Role of Credit

Bad Credit

Understanding bad credit

Bad credit is a big issue for many borrowers, and how it is handled will depend primarily on the lending institution. People are capable of change and your lender will consider this as a possibility. Basically, this means they will look at how long ago your credit was negatively affected and compare that to your recent financial activity. If you have shown reasonable improvements, and have an acceptable explanation as to why your credit was negatively affected, it may have less of a bearing on your application. For instance, an old debt that shows you have more been making timely appropriate payments will be less likely to have a large impact on your overall credit worthiness.

Your lender will also look at what caused the bad credit. How did you get yourself into that situation and what have you done to change that? If the credit trouble is very recent and there is not enough information (or time passed) to show you have made appreciable differences in your borrowing behavior, you will likely not be approved for anything but a debt re-structuring loan.

Some lenders will accept a borrower with bad credit, but will add particular borrowing stipulations. Common credit stipulations include requiring a larger down payment, a tighter limit on debt to income or loan to value ratios, and requiring additional forms of collateral.

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