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Credit Problems From Divorce

This is also a myth which many people erroneously believe. With regard to credit checks, the only way in which another individual can affect one's credit score is if there is still a legal marriage in effect, or if both names are on certain accounts. Where divorce is concerned, all one must do is become disassociated with his or her former partner. Once this has taken place, the other person's credit history will have no bearing on the credit history of his or her former spouse.

Checking One's Own Credit

Another common misconception with regard to credit is that if a person pulls their own credit report, he or she is ruining the chance to be approved for a loan. In reality, the exact opposite is true. It can be very beneficial for a person to check his or her own credit. Among other benefits, it is a way in which mistakes can be corrected and forgotten bills can be paid before they are seen by prospective lenders.

For instance, if a person checks his or her own credit and discovers a bill that was forgotten, the person can get a payday loan and quickly remedy the situation, whereas if the individual is unaware of the forgotten bill, the loan company may find it first, and turn the applicant down.

If it is a case that a bill was not forgotten but seemed impossible to pay, it can be a realistic time to consider payday loans to sort the bill out and avoid other issues.

Loan Application Process

One issue that is does not fall under the blanket of common misconceptions is the fact that a credit check will be run on any applicant that applies for a loan. In only the rarest of circumstances can a loan be obtained without the applicant having to agree to a credit check.

Issues That Affect Credit

Many people are surprised at the intricate details that can be uncovered when one's credit history is pulled. Sometimes it is the most seemingly insignificant issues that have a major bearing on whether or not one acquires a loan. Mobile phone bills, and whether or not one is registered to vote are good examples of these. This is why one should always attempt to pay bills in a timely manner, even if this means obtaining a pay day loan every now and then.

The Effect of a Rejected Loan

Anyone who has missed even one small payment on a bill can be turned down for a loan. In this case, it is better not to apply again until a minimum of 12 months has passed. This is due to the fact that a rejected application stays on one's credit report for a full year, and when a prospective lender sees this, he or she is likely to turn down the applicant, as well.

Being equipped with the correct information means that you may be able to avoid stress and at least appreciate that payday loans may be useful to avoid unpaid, important bills and therefore safe to credit checks, if you have no previous issues.