Published On: Tue, Jun 9th, 2020

Credit rating: How long do defaults stay on my credit score? | Personal Finance | Finance

Can you get credit such as a mortgage if you have a default?

A default will negatively affect your ability to borrow money.

When you make an application for credit, lenders will check your credit score to decide how likely to are to repay them.

A default is a sign of poor credit history and shows lenders you have struggled to repay credit in the past which means you may struggle to get approved.

However, it is still possible to borrow money with a default on your record.

If you are looking for credit you could consider options designed for people with bad credit history, which usually have high-interest rates and low limits.

But you should be sure you can afford the monthly repayments before considering these options.

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