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County Court Judgement or commonly known as CCJs is described as an action taken to the borrower to get the money that the lender owes. This action stays on your credit report for six years unless you decided to settle the debt, including the charges, in full.
Loans You Can Apply For Even With CCJ
Otherwise, you may have a hard time getting an advance because lenders will see you as a big risk. Nonetheless, you can still get a loan from these alternatives.
If you have a CCJ on your credit history, it also means that you have a bad credit rating, and lenders may normally reject your loan application regardless of your income. However, you can secure yourself a loan by having someone who can back up your debt in case of default. The guarantor, however, should have a healthy credit record and a high income to be qualified.
As the name suggests, doorstep loans are loans delivered right to your doorstep. This loan is available not only to those who have poor credit rating but also, those who have no credit history at all. What makes this loan unique is the service; rather than going to a loan office, a representative will go to your home to process your application. Once approved, the same representative will bring the fund and collect the repayment.
If you own a car that’s less than eight years old and has no loans against it, you can use it as collateral against a logbook loan. This gives the lender the right to temporarily own your car until you settle the debt in full. However, like other secured loans, the loan provider has the right to repossess your vehicle in case of default.
When you need quick cash and you have bad credit, you can rely on payday loans. This type of loan is easier to acquire and once approved, you can have the fund in a matter of hours. Regardless of your credit, the lender can grant your application as long as you have a stable source of income.
If you’ve never applied for a loan and are thinking of doing so, you might be worried as to how this will affect your credit scores and credit file. The answer is yes, it does affect your credit scores, but how does it hurt it exactly?
Do my loan applications show up on my credit history?
Taking out loans always come with a risk as typically, financial institutions perform hard check inquiry to assess your risk and creditworthiness. This will then show up on your credit file. The application for the loan can remain in your credit history for up to two years.
Do my loan applications hurt my credit score?
If the loan applications in the credit file, then it sure also does affect your overall credit score. Once the hard credit inquiry has been recorded into the file, your score will tumble down just a few times. However, as long as you make sure maintain your score over the next few months such as by making payments on time, then you could salvage your score in no time.
Can applying for loans affect my chances of getting credit?
Yes, it can. This is most especially true when you apply for loans in a short period of time. When you apply for numerous loans in just a small period of time, some financial institutions might interpret it as your having a serious financial problem.
If you’re planning on applying for loans for more serious situations such as mortgage, it’s best not to apply for loans months before you plan to apply for mortgage. Moreover, when apply for loans, it’s always best if you do thorough check and research into the loan you’re eyeing. This can give you an idea if you have a big chance of getting accepted.
Overall, applying for loans does not have that much of a big effect but it can still hurt your credit score in the slightest. However, as long as you maintain your score by paying on time, it can be fixed.