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How can past overdue debts affect my credit score?

Hello everybody!

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Recently, I wanted to apply for a small loan. But I got rejected because I couldn’t pay my bills on time a couple of months ago. Well, it was a challenging year. I’ve lost my job, my wife crashed her car, and it was entirely her fault. Then we had to fix the roof because it was leaking. Of course, we used our credit card to pay for all this, including a new car. Then, when I was fired, we realized that we couldn’t cover some bills on time.

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I’ve got dozens of letters and calls from the bank, and I had no idea what to say to them. I googled some info on what I should do in this case and obviously followed the recommendations I found there. So, I made an appointment with the bank representative and explained my situation. They told me that I have an excellent credit score, and they can turn a blind eye to the fact that I cannot repay some bills on time (for instance), and they can even freeze this debt for three months. It worked for me, and in two months, I found another job and started to repay all my debts ASAP. All this happened about one year ago.

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Now, my car got broken again, and I either need to fix it or buy a new one. I’m actually thinking of getting a new car since I have an ancient Toyota. It has seen some better times, and I’ve got sick of fixing it all the time lately. I don’t even know if I will be able to sell it. So, I guess I need to go for a new car, since I need a vehicle to get to work, and getting to work by bus will take me ages.

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But, somehow, my past overdue debts affected my credit score. I’ve applied for a small loan, but my bank rejected it due to those unpaid bills. Well, I still owe them something, but I make regular payments now and am never late with them. So, I guess applying for a loan via a bank is no longer an option. But recently, I found out about BNPL and Defi on https://bnplpay.io/. I wonder if my bad credit score still would allow me to use this service to get a loan? Besides, has anyone tried it already? What are the repayment terms there, and how does all this BNPL stuff work?

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I would really appreciate it if you shared something about it.

submitted by /u/QuartanReport637
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source https://www.reddit.com/r/RealEstate/comments/sx1jhl/how_can_past_overdue_debts_affect_my_credit_score/
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