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A bad debt can affect your chances of getting a major loan such as a house loan. Bad debts lower personal credit ratings and banks are opt to reject loan applications because of this.
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∙ 10y ago
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Will multiple credit card inquiries affect the chances of getting a home equity loan?
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
Can you get approved for new credit after a Debt Management Plan?
Yes you can. If you are still on a debt management plan, you may not get additional credit. But, once you have completed it you are eligible for a new loan. However, you should remember that a debt management plan can temporarily affect your credit rating. But do not worry. Most creditors look at debt management plan as a positive action from your side. So your chances of getting approved for a new loan are high.
Does applying for a car loan affect your chances to get a home loan?
It does if you get turned down.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
How can bad debt affect your financial life?
Bad debt can affect your credit score which would impact getting a loan, purchasing a home, or getting some jobs. It can impact your long term financial stability by inhibiting someone from saving money for future expenses.
Will an auto repossession affect your chances of getting a loan for graduate school?
Only if you are getting a private loan. If you get a government loan it will not affect it since they will only hold govenment debt against you.
Will multiple credit card inquiries affect the chances of getting a home equity loan?
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
How does co-signing on an auto loan for a friend hurt your chances of getting a good rate on a mortgage for a new house?
== == It does affect your credit rating. It is reported as YOUR debt, as well as the others person's debt. It only comes off YOUR score when it is paid in full.
Will a car loan affect chances of getting a school loan?
In the US, no it won't. Your credit and job history do not play a part in student loan eligibility.
Can you get approved for new credit after a Debt Management Plan?
Yes you can. If you are still on a debt management plan, you may not get additional credit. But, once you have completed it you are eligible for a new loan. However, you should remember that a debt management plan can temporarily affect your credit rating. But do not worry. Most creditors look at debt management plan as a positive action from your side. So your chances of getting approved for a new loan are high.
If you cosign a mortgage now will you be affected when you refinance your house?
Yes. When getting approved for a loan, you have to fit into certain criteria. There is something called your Debt to income ratio. This ratio determines if you can afford the loan. If you co signed on a loan, that mortgages payment will go against your income for your debt ratio, and unless your making a lot of money it could ultimately hurt your chances of getting a loan.
Does applying for a car loan affect your chances to get a home loan?
It does if you get turned down.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
How can bad debt affect your financial life?
Bad debt can affect your credit score which would impact getting a loan, purchasing a home, or getting some jobs. It can impact your long term financial stability by inhibiting someone from saving money for future expenses.
what about people on diablity?
what are the chances of getting a peronal loan?
How does one go about getting pre approved for a loan?
Pre-approvals aren't always 100% necessary to get a loan. However, having a decent credit history and being in as little debt as possible can instantly boost your chances of being pre-approved for a loan.
How does it affect your chances of getting a mortgage if you are the cosigner for someone's apartment?
It should not affect your chances at all unless the payments are delinquent and end up affecting your credit score. Your credit score is the first the lenders look at when decided what type of loan you qualify for.
