7 Answers To The Most Frequently Asked Questions About Bad Credit

  1. What is bad credit?

Bad credit’ describes an individual’s credit history, and having ‘bad credit’ means that the borrower poses a risk to the lender as they are more likely to miss payments, or defrauding.

  1. How does bad credit affect me?

Having a bad credit score means that you are more likely to be refused loans or credit cards, as lenders may not be prepared to take on a risk in lending you money.

  1. How did I get bad credit?

Bad credit can come from many places. Late payments, bankruptcy, defrauding on a loan, high credit card balances, applying for several credit cards or loans or foreclosure are all ways your credit can be effected negatively. These are by no means the extent of ways your credit can be effected negatively.


  1. How long does bad credit last?

Luckily, there are time frames set that mean your bad credit rating won’t last forever. A bad credit rating usually lasts seven years, or ten years for bankruptcies.

  1. Can I build a good credit rating back up?

Yes! Pay off outstanding credit card ratings, pay any bills on time and don’t take any loans out that you might not be able to afford.

  1. Is there any way I can get credit with a bad credit rating?

At Ultra Cars we specialise in leasing cars to people with bad credit. Having bad credit does not mean you are completely out of the running to get a car! With us we will consider your personal situation and specialise our car finance system to your needs.

  1. Can I ask a family member or a partner to be a guarantor to help me get credit?

Yes! Having a guarantor is a good way of proving to a lender that you are less of a risk and is certainly something we will consider on your application with Ultra Cars.