a.) Banks and other lenders share the credit history of their borrowers with each other and are likely to know of any loan payments that you have missed. Every dollar you spend, every loan payment you make or donıt, every financial agreement you have entered into or made over the course of your lifetime is tied to you. For some, this is a welcome tether to your ability to handle money. For some, it is a ball and chain that portrays you as a higher risk for not only future financial transactions involving credit but could have an effect on the cost of insurance, housing both rent and mortgages, and recently, during a job application.
The lesson: do not fall behind on any payment of any kind. More than just your loans and the interest you pay are affected.
b.) People have so many loans it is very unlikely that one bank will know your history with another bank
c.) Your bad loan payment record with one bank will not be considered if you apply to another bank for a loan.
d.) If you missed a payment more than 2 years ago, it cannot be considered in a loan decision.
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