Consumption and Real Estate
Does big deposit balance bad credit rating for mortgage?
I have a (very) bad credit rating; tried to repair it, gained few points by paying off defaulted accounts, but still bad.
Want to buy a car and get a mortgage: Does a big deposit convince the provider or sales people to give you a mortgage or to sell you a car by instalments?
This entry was posted by admin on July 7, 2010 at 4:56 pm, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.
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#2 written by mariko 1 year ago
No. When you apply, your credit rating is checked, too many points against you and the loan is refused. You may be able to source a lender that can help, but you will pay a higher APR and will probably have to pay an indemnity premium. That’s an insurance taken out by the lender, paid for by you, that protects against loss should you default on the loan.
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No, your credit rating either is acceptable or not. It is pretty black or white, either you pay your bills or you do not.
Since it is easier to repo a car then a house you might manage the car, depending on how bad you are talking about.