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Home Loans: Defaulted on my credit card payments, now what?

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    • CommentAuthorSandeep
    • CommentTimeJan 20th 2008
     
    • Answers: 1
    • Joined: Jan 20th 2008
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    I have defaulted on my credit card payments, and I want to take home loans in next one year. I have a whole chunk of credit cards which Im paying and sometimes avoiding. Please help...is there any way I can improve my credit rating so that I can avail home loans in future.
    • CommentAuthorLoan Guru
    • CommentTimeJan 20th 2008
     
    • Answers: 13
    • Joined: Jan 20th 2008
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    The ratio of Credit card defaulters has escalated with the current fast moving life style. Those who are reading this please read it carefully to avoid being a defaulter.
    Following are the disadvantages:
    1) You end up paying a interest of 30+ percent to the bank and kill your savings just to cough up the dues.
    2) Your default stays on the credit bureaus record for 7 years, so you will always face an issue in getting a loan even after clearing off your default.

    The only way out is to convience your banker about why did you defaulted and made the late payment, if they are convinced you can fly with a loan. But mind it, think, calculate and figure out your savings before applying for any loan.

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