Not necessarily. It depends on what conclusions about credit worthiness/risk the lender draws from the individual's credit history. I don't understand how/why your boyfriend got a loan with the same lender to deal with a loan that he already had with them and on which he had missed payments!? For borrowers who find it difficult to get loans from the mainstream financial institutions there are also "sub prime" lenders but you will pay a premium (in the form of higher interest rates) for the privilege of borrowing from them.so basically if you have a bad credit rating you would have to wait five years to get a mortgage? My boyfriend missed 3 repayments on a loan from the bank but has since paid it off and got another loan from same bank to try and fix this. he has paid off some of said loan early and is paying the repayments on time. Would this make any difference?
.. got another loan from same bank to try and fix this. he has paid off some of said loan early and is paying the repayments on time. Would this make any difference?