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How to Get a Home Loan Even if You Have a Bad Credit History

How to Get a Home Loan Even if You Have a Bad Credit History

Nook Admin – December 8, 2021

Transcript of the video


Hi guys, welcome. I'm Cyrus from Nook, the Philippines mortgage broker. We will help you find the right home loan and get it approved by a major bank for absolutely no charge.

In today's video we will chat about getting a home loan, even if you have had previous credit issues such as unpaid credit cards or loans.

So let’s get started….

Your Credit Score

The first thing to understand is something called your credit score, also sometimes called your credit rating.

Many Filipinos are unaware that every financial product they get, such as a credit card, personal loan, etc is all tracked by credit bureaus. This sort of financial tracking happens all around the world and is not something unique to the Philippines.

When borrowers don't repay their loans or credit card on time, their credit score is impacted. A credit score is a number that banks and other financial institutions use to assess a borrowers credit risk.

So what is a credit score exactly?

A credit score is a number that is usually within a range of between 300 to 850. The higher the number, the better. The lower the number, the more riskier banks believe it is to lend you money.

So it's important to know that any financial product you have ever had has been tracked by financial institutions and that has impacted your credit score, for good or bad.

Declaring Credit Issues

When applying for a home loan, it's important to declare any previous financial issues upfront. Banks will absolutely find out about any issue once they complete their credit investigation.

Many people believe that because their credit issue was with another bank or financial institution that it will not be discovered during the home loan application process, it will.

But all is not lost.

A mortgage broker like Nook is a home loan expert. All they do is home loans every single day. So we understand which banks are more likely to consider a borrower and which one's are not.

A mortgage broker also knows what to do before presenting the loan application to the bank so everything is prepared ahead of time.

This gives the borrower with previous credit issues a much better chance of getting an approval than attempting to do the home loan process themselves or with a broker or developer.

It's a faster more stress free process with someone like Nook.

However, note that a mortgage broker is not a magician.

If the borrowers credit score is too low due to financial mistakes in the past, no financial institution, including banks, will want to lend them money.

So it's best to chat with a mortgage broker to check your options when it comes to lending to see what is possible.


So that's it. That's why it's best to use a mortgage broker to help you secure a home loan, especially if you have a credit history.

Now, if you are looking for more home loan help, follow or Like us on Facebook, Instagram, YouTube or Twitter.

Or if you’re looking to get started on your home loan journey, reach out to nook by visiting us at

And if you got value from this video today, please share it with just one person you know. We would appreciate that.

See you next time.