Currently, credit reports list only negative information like serious defaults and bankruptcies. Under new comprehensive reporting to be introduced next year, credit agencies will be able to collect extra information, including repayment histories.
Currently, defaults stay on your credit report for up to five years and bankruptcies for up to seven. Now, it's the outstanding limit on your credit card, not the balance, that counts. For example, when applying for a home loan, just by having a $10,000 limit even with nothing owing can reduce the amount you can borrow by tens of thousands of dollars. For a bad credit home loan, contact Intellichoice on 1300 55 10 45 or check out our website.
Currently, defaults stay on your credit report for up to five years and bankruptcies for up to seven. Now, it's the outstanding limit on your credit card, not the balance, that counts. For example, when applying for a home loan, just by having a $10,000 limit even with nothing owing can reduce the amount you can borrow by tens of thousands of dollars. For a bad credit home loan, contact Intellichoice on 1300 55 10 45 or check out our website.
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