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A default can stop you getting credit
One or two missed payments might not be too serious. These are referred to as ‘early delinquency’. However, when you’ve reached between three and six missed payments, you may be declared in default. Defaults are serious. Often a lender will automatically decline an application if there has been a default. Importantly, defaults remain on a…
Read MoreAn introduction to credit scoring
So, what exactly is credit scoring? A credit score is a three-digit number that can determine whether your loan application is accepted. Also, credit scores are used to set the interest rate that you are charged for borrowing. Consequently, you might have to be above a certain score to get services, like a mobile phone…
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