Posts by Adrian Davies
You are currently insolvent
According to your credit file, you are currently going through a type of insolvency. This can include bankruptcy, an Individual Voluntary Arrangement and Debt Relief Orders. There are legal restrictions which means that in most cases lenders will not be able to offer you a loan if you are currently insolvent. Tip: Wait until you…
Read MoreYou have a default from a while ago
If you’ve missed between three and six payments, on a credit account you may be declared in default. Defaults are serious. Often a lender will automatically decline an application if there has been a default. This remains the case, even if the default was from sometime ago. Tip: If the default is in the last couple…
Read MoreYou have missed more than payment recently
Missed payments are when you’ve not made repayments due under a credit agreement. For example, missing the last two months’ credit card repayments. Lenders considering loan applications see the current status of your account. If two payments have been missed this will show a ‘status 2’. If this is in the last 12 months, you…
Read MoreYou’ve borrowed and not made a payment
According to your credit file you may have taken out a loan and never made a repayment. Creditors sometimes call these runaways or first payment defaulters. In such a case it is almost certain you would be turned down for a loan. Tip: If you have taken out a loan and never made a payment,…
Read MoreWhy NestEgg is the right fintech partner for credit unions
Selecting a fintech partner for credit unions is more important than ever. As expectations for digital experiences continue to increase, there has never been a more opportune time for credit unions to consider partnering with a fintech company. Credit unions are often behind the competition, because their systems are unable to keep up with rapid…
Read MoreYou have an older or larger default on your credit file
If you’ve missed between three and six payments, on a credit account you may be declared in default. Defaults are serious. Often a lender will automatically decline an application if there has been a default. This is especially the case if the default is large. It can even be the case if the default was from a…
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