It is really good to know that you have realised your mistake and changed your credit card spending habits .
The fact is, most major lenders do not generally lend to clients with a bad credit history.
Also, there are chances that all of your missed credit card repayments are on your credit file. It is a record of your credit history which is maintained by credit reporting agencies, such as Equifax.
You could be considered to have bad credit in case one of the following is true.
Bear in mind, some of this may not be listed on your credit file specifically but it will be recorded in the system of the bank or lender you applied for your credit card:
- You have several missed payments on your previous credit card or loan.
- You have adverse listings such as bankruptcy, court writs, defaults, judgment, or many enquiries in your credit history.
- You have a bad credit history with the lender you are applying for.
- You have unpaid bills.
- You are the director of a company that is in financial trouble, i.e on the verge of being closed down or in heavy loss.
- You have too many debts to pay off.
Also, when you go to several banks for any loan or credit card within a short span of time, all enquiries are listed on your credit file. It is counted as an adverse listing in your record and deters banks from approving your home loan application.
If you want to know more about the bad credit loans, you could contact one of the specialists at 1300 889 743 and know more.
Cheers,
Otto