Damaged credit can be the result of late payments on your credit cards, loans you never paid back, delinquent child support, tax liens, court judgments against you or bankruptcy. When you apply for credit or a loan, lenders usually want to see how you have handled credit and debt in the past. If they learn of past problems, your application will likely be denied. Even if you are approved, you probably will be asked to pay higher-than-average rates and fees on mortgages, loans and credit cards.
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Damaged credit can be the result of late payments on your credit cards, loans you never paid back, delinquent child support, tax liens, court judgments against you or bankruptcy. When you apply for credit or a loan, lenders usually want to see how you have handled credit and debt in the past. If they learn of past problems, your application will likely be denied. Even if you are approved, you probably will be asked to pay higher-than-average rates and fees on mortgages, loans and credit cards.