A damaged credit history is not a sentence; it is a chance to improve your reputation with a financial institution and open up the possibility of obtaining new loan products. But how to do that?
The most difficult thing is for the category of citizens who brought cases to court or forced the bank to resort to the help of collectors. In this case, this is a very damaged credit history and it will be extremely difficult to fix it. However, do not despair ahead of time, there is always a chance.
The first thing to do when applying for a new loan is to tell the specialist about the damaged credit history and provide written confirmation for what reasons you could not make the payment on time under the loan agreement. For example, you were fired from your job or you were seriously ill.
Of course, the bank will not be inspired by your honesty and will not immediately give you the required amount, but this fact will definitely meet you.
There are good chances in young banks looking to expand their customer base. Young banks do not pay attention to credit history, they are aimed at gaining market share.
The second option for obtaining a loan is to seek help from a loan broker. In most cases, the broker is employed by former bank employees who know all the intricacies of lending. They will definitely be able to help you for a fixed fee. The most important thing to remember is that a conscientious broker does not ask to pay for services in advance, but takes payment only after the borrower has received a loan.
The third method is the most difficult, but the most effective. It is necessary to arrange small loans for equipment and quickly extinguish them, take more and pay on time. It is best to repay such loans ahead of schedule, so that in a few years you can get a car loan or a mortgage.
