Protecting and Improving your Credit File


If you have past that point, and now have defaults listed on your credit file, it is not all doom and gloom, however, there is some work to be done before a lender will look at a finance application for you. The amount of work needed depends on the severity of your outstanding debts, however there is really only one solution. To improve your credit file, the only solution is to pay back the debts owed through a mutually agreed arrangement with the creditor. If the debts outstanding are too large for an arrangement to be sustainable, then maybe look at some bankruptcy options.


Lenders will look at a finance application case by case when it comes to the applicant having bad credit. In saying this, it is hard to tell someone exactly what their credit file needs to look like before a financier will approve. All that can be said is – start paying your debts off, that is the first step, and then we can work from there.


At Quantum, we have a bad credit car loan division that can provide you with more information about obtaining a bad credit car loan if you have bad credit.