Lenders typically have their own individual criteria for how they assess borrowers with defaults on their credit file. Some common factors that lenders may consider include: The age of the default: Lenders may view a more recent default as more significant than an older default. The size of the default: Lenders may view a larger default as more significant than a smaller default. The type of default: Lenders may view certain types of defaults, such as mortgage defaults, as more serious than others, such as a mobile phone contract. The number of defaults: Lenders may view multiple defaults as a higher risk than a single default. The reason for the default: Lenders may consider the circumstances that led to the default, such as job loss or illness. The borrower’s credit history: Lenders may consider the borrower’s overall credit history, including their payment history on other debts and any other negative marks on their credit report. Based on these factors and their own risk assessment, lenders may require a higher deposit and/or charge a higher interest rate.