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Will I Be Able to Get Credit in Germany if I Have Bad Credit in the UK?

Written by Jon Emge

“Dear Jon,

I was discharged from bankruptcy in July 2015.

I came to Germany to study a Master in International Human Rights and Humanitarian Law at European Viadrina University. I am a British citizen and I have been legally resident in Germany since October 2016.

Future finance is willing to borrow me money to finance my studies but it requested a credit report. I have requested a credit report from www.meineSCHUFA.de.

I did not provide my UK details, only provided Germany details.

So, will I be able to get credit to pay my tuition fee?

Will my poor credit score from the UK appear on the report and affect me from be accepted for credit?

Matias”

Matias,

I cannot say as to if a bank there in Germany will grant you a loan to finance your education or not, this is due to the fact there are many factors involved, and the criteria for lending can vary amongst banks and countries.

You stated that Future Finance is willing to grant you a loan, but wanted a copy of your credit history.

As you have only been living in Germany since October 2016, you may very will not have much of a credit history to show. The bank may ask questions regarding previous addresses and past financial agreements.

Credit reports are different between various countries, so chances are your UK credit report and any issues associated with it, are not going to be on a German credit report.

The concern is more about if the lender asks for more details on your past, but even then, that does not mean they would not grant you a loan.

My research shows that Future Finance is a relatively new company, and you may wish to do some research on them.

They may require repayments while you are still attending school, not as with government loans, where you do not begin repayments until you are working and earning more than the non-payment threshold.

You also may be required to have a guarantor in order to be granted the loan.

Speak to Future Finance after providing them your German credit report and let me know what they say. And read any and all terms and conditions very carefully prior to accepting any loan

Regards,

Jon




About the author

Jon Emge

Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.

If you have a question you’d like to ask about how to get out of UK debt, just use the online form.

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