The situations in which personal credit reports for buying a house are unqualified include:

1. Have never applied for a credit card or applied for a loan, and the personal credit report is blank and there is no credit record. people. Because the credit report is blank, banks cannot make a clear judgment on personal credit. They are very cautious when approving loans and will not lend easily.

2. If your personal credit is checked more than four times by banks and other financial institutions within a month, your loan application will be easily rejected. The reason is simple. If your credit report is inquired many times in a short period of time, banks and other lending institutions will think that you are very short of money during this period, and will be classified as a risky user.

3. If the number of overdue loans is small, the amount is small, and the repayments are made on time, it will not be particularly difficult to get a loan regardless of traditional financial institutions or online loan platforms. However, if you have been overdue "more than three times in a row or more than six times in total" in the past two years, your application for a loan or credit card at a financial institution will be rejected.

What does a personal credit report include?

1. Basic personal information

Basic personal information includes the name, gender, age, work unit, and Contact address and other information used to identify individuals.

2. Bank credit

This item will list the status of each credit card and loan business in detail, specifically showing the past debt history of the party being credited. Credit reporting agencies and credit-granting banks often analyze consumers' behavior and consumption preferences from this information, and judge their future repayment ability based on their past willingness to repay.

3. Non-bank credit

Record consumers’ payment status for communications, water, electricity, and coal, such as whether mobile phone usage is normal, whether public utilities are in arrears, etc.

4. Objection record

If the party being credited has a dispute with the content reflected in the report, it can reflect it in this section by adding a statement, and the individual has the right to submit a statement. Objections reflect the protection of legitimate rights and interests of individuals and are also an important way for credit reporting agencies to correct and update information.

5. Query records

The query record refers to the summary of all the records that have been queried by the individual in the last 6 months. If there are too many inquiry records and there are no credit card or loan records during this period, the bank will feel that the qualifications of the party being credited are not good, which will affect future loan applications and credit card processing.

How long does it take for the credit report to be restored?

After the credit report is damaged, it usually takes 5 years for the borrower to settle all the debts before the bad credit record will be eliminated. Bad credit The prerequisite for your record to be expunged is to maintain a good credit standing. Credit damage generally occurs in the following situations:

1. Loans are overdue

Users who apply for credit cards or other loans with credit reports fail to repay on time, resulting in overdue payments, which requires If you maintain good credit behavior for 5 years after timely repayment, the bad records will be eliminated from the credit report. There are not many overdue times and days, and users still have a chance to get approved if they apply for a loan 6 months after repaying the loan. If a user is overdue three times in a row or six times in total within 2 years, or fails to repay for a long time after being overdue, this behavior is considered a serious overdue behavior, and the user needs to pay off all outstanding debts, and then postpone the credit report for 5 years. will be restored. Only after your credit report is cleared will you have the opportunity to apply for other loans.

2. Too many inquiries

If a user applies for loans or credit cards multiple times in a short period of time, the lending institution will frequently inquire about the user's credit report. If you make too many inquiries in a short period of time, your credit report will be damaged. When applying for other loans, institutions will consider that the user's current financial pressure is relatively high and the repayment ability is insufficient, and thus refuse the loan. Some lending institutions only look at the credit record of the past two years. Users can take half a year to repair it. Do not apply for any loans or credit cards during this half year, and maintain a good repayment record. If you apply for a loan again after half a year, you will have a chance of being approved.