If the credit history is bad

Carefully read what to do if you pumped up the circumstances and you made a overdue on the loan.

Getting the money in the loan today is a common procedure, because funds may be needed for different purposes: emergency treatment, unexpected major purchase, education. In this article you will learn how to action in case of bad credit history, if you want to take another loan.

Situation: very bad KEY and need a loan

Allowing the delay, the majority of people holds the hope that this latest loan and never have to contact the Bank for another loan. But in life anything can happen, and solve some problem of their own funds at times is not enough. The way out is a loan. But what if you already had the delay, and again, you need money?


Why credit history can be bad

There are several reasons because of which your credit history may acquire a negative connotation:

  1. The delay. This is the first factor that negatively affects the credit history. Some financial institutions present to their clients is quite stringent, therefore there is the probability of failure in "aid" even with a delay of 1 hour. But there are companies that are still willing to provide financing if the customer convince them of its financial strength.
  2. The failure of full payment of the loan or the payment of the sum of the annuity (payment made by monthly). In this case, banks often file a claim in court. Therefore, for the borrower bad history can easily turn out terrible.
  3. Delay payments on a regular basis. If the client is delayed monthly payment, but he still makes it without delays, it is hardly possible to talk about the bad credit history. Most likely, she's just a little spoiled. However, this factor can become a "stumbling block" towards new loans.
  4. Errors in the banking system. The fact is that committed by employees or system inaccuracies can have a negative impact on relations between the Bank and the client. Will be able to convince the lender of his innocence — get a new loan without any problems.

Whatever the reason, for which there are such circumstances, all data fall into a specialized credit Bureau from which potential lenders can get any information and on its basis make the decision about issuing of loan funds or denying the loan.


the Main ways of solving the problem:

Option # 1 – going to the Bank

The first institution to which to apply, having good enough history on loans, Bank. If possible, give a good assurance of its authorized employees will turn a blind eye to past mistakes and will provide the desired amount. Here are a few establishments that you can try to handle and achieve targets:

  • the Bank "Russian Standard" credit card with a good limit;
  • the loyalty to the "problem" in the past clients demonstrates the school "TINKOFF Credit systems";
  • frequently credit history is ignored in this Bank, Home Credit Bank;
  • actively cooperates with customers with broken KEY Bank Renaissance Credit.

Option # 2 – using the services of a loan broker

Frequently specialized brokerage services work with problematic customers who failed to pass the verification in the banks themselves. Brokerage firm will select for you the organizations that can provide such client lending. If interested in further cooperation, it may itself act as a lender.

Option # 3 – appeal to MFI

These organizations also work closely with clients with a negative history on the credits and loans. They differ from banks in smaller amounts, provide credit, and a minimal set of requirements. In a relationship with a microfinance institution there are two versions of events:

  1. The provision of credit without collateral. It should be noted that the rate of interest on this obligation has a high threshold, higher than the banks. But if you need money urgently, and you're ready to pay, this option is worth paying attention to.
  2. This method is more economical in terms of interest rates, however the borrower requires collateral in the form of land, real estate, car and other tangible assets.

Here is a small list of proven companies giving loans with minimal requirements for clients:


Option # 4 – an appeal to the Lombard

Method is ideal for people who urgently need small amount of money. Should prepare for an impressive interest on the loan, but the payment schedule provided by the partial or full repayment of the obligations. So you should focus on these conditions and to choose for themselves the best option. The advantages of this loan include the fact that the borrower has the possibility of execution of credit obligations only at the end of the term exclusively in the form of interest, while the body of the loan valid extension, it needs only to sign the agreement.

Method is good, but there are additional nuances that need special attention. It is not necessary to refer to the doubtful microorganizations, so as not to ruin the reputation even more. Best to go to a proven company that will help to improve the history of credit, and then to try to cooperate with companies that offer lower interest rates. A gradual approach will allow you to establish credit relationships with small organizations and then you will get the opportunity to appeal to the big banks.


What should I do if the application banks refuse

There are situations where the borrower is confident to pay all your debts, but the banks still say no. In this case, the first step is to verify credit history through credit Bureau. You can make a free request, although some companies require the payment of a small amount of money. There is often a situation when because of unpaid Commission in payment terminals the wrong payment was the result, in KEY spot is formed, are difficult to remedy.

If the consumer is confident in their own right, is the credit Bureau to send a complaint with a request for exception entry. The Bureau will send to the Bank a special request, will review the circumstances and make a final decision. Sometimes there is a good chance to restore the reputation and to protect themselves from the difficulties and obstacles with obtaining loans. But most borrowers are faced with a fair claim, when the deviation from the contractual terms were allowed because the client. And to seek the location of the Bank in the case of outstanding liabilities much easier than in a situation when the case of unpaid duty extends so far.

If the credit history is not perfect, for bigger loans in the form of a loan on the car and mortgage can not count.


Alternative ways of obtaining credit

There are several possible solutions, which may be engaged by the consumer. Of course, no one promises 100% result, but if you try, that is, the probability of successful solving the situation.

  1. Try to apply to the Bank, which was opened quite recently and not had time to accumulate a customer base. Usually such institutions in order to attract the borrowers offer favourable lending conditions, suggesting the absence of rigid requirements. If the Bank has not had time to contact your credit Bureau, you will most likely get lucky and you will draw up the loan agreement on the best program.
  2. The correction of credit history is another way to achieve the location from the banking institutions. Usually employees of such institutions when making decisions focus only on recent loans that the client managed to get a few years before the next credit. If the delay happened to you long ago, you can count on getting a consumer loan. Of course, you need time to calculate with the Bank on the new debt.
  3. In case of failure of banks in a small loans, there is the possibility of obtaining a loan through the store. These companies are in the shopping network that sells large appliances or electronics. Under these circumstances, the client can expect a more loyal attitude on the part of the Bank for the reason that his store has affiliate terms and conditions.
  4. Brokers for loans – not the most convenient and successful way to solve the problem, but it is the place to be. Specialist after a detailed study of KI will be able to choose the appropriate banking institution in which will not be charged with high requirements. Besides that the broker will require a certain fee.

All these methods work and allow consumers to obtain effective and convenient loans.


Under what conditions to take a loan in case of a bad KEY?

In the course of registration of a loan in MFO the client does not have the obligation of proving its solvency in a documentary manner, which necessarily require Bank structural part. Surely the lion's share of borrowers at least once encountered a situation where it was not possible to make timely payment on the debt. As shown by practical statistics, such situation creates conditions for damage to credit history. However, MFIs often undertake the risk and liability and still provide loan to customers in modest circumstances.

First of all, in an effort to ensure its own security, micro loan companies offer borrowers a strictly limited amount, usually in the range from 3 000 to 30 000 rubles. Given the small value of this amount of time is also "running out". The consumer should take into account the high level of risk from the MFI, so it is likely to be excessive increased rates by the MFIs. But to obtain the coveted sum of money you will need only a passport.


How to save money on loans with a bad history

There are two real options savings on the loan in case is not smooth enough of a good story. The easiest way to apply to obtain ordinary loan. There are banks that give small sums of money at a more favorable rate, in contrast to MFIs. To find these institutions is problematic, but really. You should refer to the rating of your city and make a choice from the list of most well-known institutions. Remember vigilance, and that the company should be checked and have among the borrowers a good reputation and positive reviews.

Usually in such organizations in connection with the vast popularity, there are various promotions and best bonus deals within the loan programs. This enables consumers to take out small loans even if a bad KEY. Many people use another clever manipulation, providing a quick exit from your current circumstances. They take small loans and then provide them a return, covering the bad information from KEY updated good stories.

case study:

A few days before crediting you need to take a few loans for 1000 and in a timely manner for them to pay. This is best done in different companies. Through these operational returns you contribute to improving their own credit history, and after its repair can expect to receive a large loan.


a loan without checking CI

If you as a borrower, rather "dark" past, you can still count on receiving funds. On all about all will take a few minutes of free time, and most important advantage is that there will be no examining credit history. This kind of services also allows you to get the required amount of money even for people who long had formal employment and worked for six months or more.

Despite the fact that MFIs do not always check this nuance, it is necessary to prepare for high interest rates and small terms of repayment. But in a situation when there is an acute need of cash and the banks said no, a microloan may be the only life-saving option.

MFIs do not carefully check the KEY is think about it borrowers.

The microfinance institutions have become popular for the reason that they are going to meet customers who were refused in other places. While MFIs have the authority to raise the rates of interest and reduce the term of the refunds of the credit amounts. The fact of the high percentage it acts as a kind of guarantee that the company will not lose, even in case of impossibility of repayment of the obligation by the debtor.

Thus, MFIs are willing to provide loan money to consumers without compromising their capital. As a "reward" they receive a broad base of customers because not all borrowers have the ability to timely repayment of debt. This entails a deterioration of credit history and reduce the chances of receiving funds in at least one of the banks. This situation results in a noticeable increase in demand.


Where can I get information about my CI

To capture information about their previous experience of cooperation with banks and other financial institutions simply.

  • You can send a request in writing to yourself, sending it in the mail, the telegram. The text should be notarized to get the answer to the question.
  • If this option is not suitable, the consumer of Bank services can use a special service, directly sitting at the computer, which will give him access to a directory KEY. But for the solution of this problem will require a special numerical code that is entered along with personal details.
  • There is still a chance involving contacting the Bank where the borrower was trying to take the credit, but he refused because of poor credit history.

The client has the authority receiving this information, just need to write the corresponding application. The Bank will honor this request within 10 days or sooner. If the request is not the first time, this service is for the debtor is paid.


Ways to repair credit history

We have considered the only true option to achieve the goal of this overlap is a bad KEY fact of successful work with the Bank. This suggests that the costs to implement the rest of the payment without delay, regardless of the changes prevailing in the foreign exchange market. Getting rid of the stigma contributes to the making of loans to specialized MFIs, which are represented in small amounts. Following the terms and conditions provided by companies, you will be able to achieve amazing result and correct the situation in a better way for you.

If you want to learn how to get a loan with no crack? Then follow this link. If you have a bad credit history, and banks you are denied, then you must read this article. If you just want to arrange a loan on favorable terms click here. Other entries on this topic look here.

The following two tabs change content below.
Ilya Adamov
Leading credit specialist , JSC Alfa-Bank
Experience more than 7 years on the market of credit products for small and medium businesses, consumer credit in Yekaterinburg. Education: bachelor of the Higher school of Economics in Moscow.


  1. Tell me a problem, I can take an urgent loan right now with no failures with overdue payments and current loans? It is very important to me now.. Tell me where?

Add review

Your email address will not be published.