In this day and age of people relocating to other countries, be it for work, retirement, or just an extended stay, a question that might be asked about personal finances is: Does an individual’s credit score follow them to the new country?
The unpredictable economy today makes it a struggle for most people to obtain a loan. This situation occurs even for people with good credit. Do not feel discouraged. Having a bad credit on your record does not mean that you will not be able to purchase a car anymore. While it is true that this may take a little more work than the usual, there are still ways to buy a car with bad credit. What are these means?
Impossible? Not Really General belief says that bad credit borrowing is impossible. But is that right? It is true that traditional lenders will stay clear of applicants with poor credit histories, but there are lenders out there who are happy to lend $20,000 in a personal loan to somebody with bad credit. Why would they do that? Because all the necessary information boxes have been ticked.
If ever there was an urban myth about lending, it’s the one about a death sentence being applied to all subsequent loans after your initial loan rejection, especially if you have bad credit. Contrary to popular belief, lending decisions are not made based on credit scores alone. You can look at bad credit in different scenarios. So, before you make assumptions, it’s better to understand what factors are at play when you make a personal loan application. In the end, it is always possible to improve your profile to comply with lender’s requirements for a bad credit loan.
Love does not care about a person’s credit rating, nor does it overly worry about whether one is any good at managing their finances. But at some stage, these reasonable and realistic issues will become just that – issues. What can a person do when they find themselves in a relationship with a person that has somehow developed a bad credit rating?