With convenience in people's lifestyle today, they can acquire and avail almost anything right away. Whenever they are hungry, need to get done with something, the answers are almost all in express. These transactions require money but even that matter has been solved. Credit cards, cash loans, EFTs, ATMs, and online banking- these are some of the quickest solution to matters that involve bucks.
Although convenient and fast, these perks come with great risks and prices in terms of interest rates and other repayment conditions. Availing of services and purchasing of goods may be easy but come repayment dates they must be paid in the right amount if not in full.
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All of these transactions, payments in particular - whether on time or not; are recorded in what is called a credit history. Credit history is a financial record of a person's loans in the past, the payments made, status of the case, and others. A credit history shows a person's behavior on repayment and loaning and it will be very useful in future loans and credits as it will be the basis as to whether he or she is a possible reliable creditor or not.
A good credit history reveals a clean slate of payments on credits and loans. Good credit history also means great chances of approval on larger loans plus the benefits of lower interest rates and better terms and conditions on repaying.
A bad credit history, however, shows defaults on credits, late payments, bankruptcy, delinquency, and other offensive acts against loans and credit conditions. With this kind of record trailing some creditors, their chances of approval for a particular loan are slim. What people get with bad credit history are:
Higher interest rates on loans. Lenders do not trust people with bad credit so naturally they will increase the interest, not to further slam the creditor but to protect themselves against future offenses from this person.
Stricter and narrower options on loan repayments. Bad credit loan holders are closely monitored as they are needed to pay on schedule. Freedom is something that is decreased with delinquent creditors but for good creditors, they are given much flexible conditions.
Additional fees. This is only natural for bad creditors as they have to overcome various policies on loaning. Most lenders implement these fees but rest assured they are legal.
Possible black listing. The results of a bad credit can sometimes be unforgiving to the point of black listing. With a black listed status, people are sometimes completely not allowed for a loan or are not qualified for certain transactions.
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