Final answer:
Your credit history can affect your power to negotiate new loan terms with new lenders.
Step-by-step explanation:
Your credit history does not affect your power to negotiate new loan terms with new lenders. This statement is false.
When applying for a loan, lenders usually consider your credit history to determine your creditworthiness and the terms of the loan. A favorable credit history, with a good credit score and a history of timely payments, can give you more bargaining power with lenders, allowing you to negotiate better terms, such as lower interest rates or higher loan amounts. On the other hand, a poor credit history may result in limited options and less favorable terms.
For example, if you have a high credit score and a long history of responsibly managing your debts, lenders may be more willing to work with you and offer more favorable loan terms. Conversely, if you have a low credit score or a history of missed payments, lenders may be less inclined to negotiate and may offer less favorable terms.
Learn more about Credit history and loan terms