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geting a loan
iwanttogoonholiday
Posts: 343 Forumite
in Loans
ive been over my overdraft a few times im with hsbc - will this affect me getting an loan...
Learning to keep within budgets !
:money:
:money:
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Comments
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It will affect both your chances of getting a loan, and the rate you may be offered.0
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Yes, you will be considered higher risk and more likely to default as you have been unable to meet current obligations.
This could lead to not being offered a loan to having to pay a much higher interest rate if you do get one.0 -
how much time will it take before this goes away? ie , if i dont go over it for 3 months or 6 monthsLearning to keep within budgets !
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No-one but HSBC can tell you that and they won't even if you ask. The longer away it was the less it will matter.
I would say at least 12 months but probably more before it has minimal impact. You are a credit risk and HSBC will price accordingly (or not at all).Thinking critically since 1996....0 -
Yes it will have a detrimental effect on your credit worthiness, you may find only sub prime lenders willing to offer you a loan.0
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thanks for your help guys xLearning to keep within budgets !
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