Adverse, Bad & Poor Credit UK - poor credit
MortgagesPeople with poor credit histories used to be declined credit almost every time. Now, people with a poor credit rating may be able to find mortgages, car loans and credit cards, but the interest rates are generally higher than normal. People with good credit can apply for credit cards, car loans or mortgages successfully. Because their past history shows that they are responsible customers, companies are willing to lend them money. But people with poor credit histories have not been as responsible with credit cards and loans. They may have made payments late. A large number of poor borrowers are on low-incomes, or elderly. Lenders may also assign this label if you are self-employed, have little or no credit history, change jobs frequently or move often. Lenders require people with poor credit to pay more for loans because they represent a higher risk.
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