we want to obtain a loan of 1000euro from the bank but we are afraid they will look at our credit history.we have 2 mortgages and 47acres of land which we have sold 30acres last week but are waiting for the transfer to go through.should be ready in a week..but we need a 1000euro for our holidays how can we obtain this 1000euro. if the bank says we cannot get a loan.
Update:
yes im only 17 im asking for my parents sake. no like we have 2mortgages.we are selling 2 houses we will make a profit of about 200,000euro and then selling land 210,0000 so we have 400,000 profit..we are just waiting for that money to come through do you think the bank will lend us a 1000euro before the money comes through.
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✅ Answers
If you don’t have the 1000 euro, then don’t take the vacation. Simple as that – you can’t afford vacation. Going further into debt for something you don’t need is foolish.
Yes, absolutely they can go through your credit history, in fact you sign permission for them to do so when you apply for a loan. They absolutely have the legal right to look at your history to determine if you are a good credit user and likely to pay them back or if you’re more likely to default. Having a mortgage is not bad, but if you don’t have the income to support your current debt (they will also be asking you for proof of employment, how much you make, how long you’ve been at your current employer) or have poor credit they will not approve you for a loan.
All you can do is apply and see what happens.
Of course the bank will look at your credit history – how else are they supposed to decide if you are a good risk? If the bank will not loan you the money, take some stuff to a pawn shop.
Of course they will look at your credit history. You surely don’t expect any lender to hand over 1000 euro without knowing anything about you. What do you think the purpose of a credit report is? It is so potential lenders can see your history of credit activity and assess your application