Credit reports are only kept for 5 years. Generally speaking, it is difficult to apply if it is overdue for three or six months in five years. When banks also review credit reports, it will be slightly different. Some pay attention to overdue times, while others pay attention to overdue amount. If your overdue mainly occurred 2 years ago, the problem will not be great. But if it happens within two years, it depends on the specific situation. If it is not very good, the approval is still difficult. Even if it is approved, the interest rate may be high and the quota may be low.
There are many conditions for buying a house by loan, among which personal credit record is very important. So always pay attention to your credit information. Usually, when a homebuyer applies for a mortgage loan, the bank will check his personal credit record. It is understood that due to repeated negative information in personal credit records, it is impossible to pass the credit review.
Buying a house by loan refers to the loan business in which the buyer applies for a loan from the bank to pay the house purchase price with the building traded as collateral, and then the buyer pays the principal and interest to the bank in installments, also known as house mortgage loan.
What if personal credit is overdue?
1. The difference between one-day overdue mortgage and one-time overdue mortgage is the number of overdue days. Under normal circumstances, as long as the overdue time is controlled within the grace period of the bank, it will not have any impact on the credit investigation; On the other hand, if it exceeds the grace period, even if it is only overdue once, it will go to the credit information system and leave a bad record of credit information.
2. Banks and some financial institutions have time tolerance service. Some financial institutions have a grace period of 1 to 3 days. If the repayment is overdue for one day, the borrower will pay back the money in time and explain the reasons, and will not enter the credit information system. If it exceeds three times, a credit stain will be generated and included in the credit information record.
3. After discovering that the mortgage is overdue, the borrower should communicate with the bank staff in time to find a solution. Of course, some banks with strict regulations have no grace period. In this case, they will also go to the credit information system if they are overdue for one day. This requires the borrower to understand the rules of the lender, so as not to have too much impact on personal credit information due to overdue problems.