Showing posts with label credit score. Show all posts
Showing posts with label credit score. Show all posts

December 12, 2013

How to Secure Finance with Bad Credit

If you have bad credit and want a car loan, don’t despair there are still options out there for you, even if you have been knocked back elsewhere.

We have put together 5 tips for you to secure finance with bad credit.

April 09, 2013

Hard Money Lenders: An alternative source for borrower

When applying for loans from banks, there are some standards that you must conform to and this makes it pretty hard for most loan applicants to qualify for bank loans. This has with time forced a huge number of loan applicants to search for alternative sources of funding and among these is hard money bad credit loans lenders. In most cases, such lenders provide short term loans and borrowing from them will therefore work great for small to medium financial need.

April 06, 2013

Useful Tips for Procuring Auto Mortgage with Bad Credit Score

The car loans are processed based on the credit score of a person. Usually, people with average or good credit score get approval for the loan within a few days or hours.  It is quite complex for people with poor credit to apply for the loan and interest rate is also slightly higher than others.

Car buyers with poor credit are tagged as high risk by the lender and they will have to pay higher monthly payment. There are some prime lenders in the market, who are offering loans to the people with bad credit score.  Take enough time to check what type of service they offer to you. If you feel that the respective company satisfies your requirement then you can go ahead with the process.

March 22, 2013

How using a bank loan calculator can save your credit rating

If there was an easy tool that would allow you to preserve your credit rating, would you use it? Many people are finding that the Internet allows them the ideal resources for making their financial life a little bit easier. A primary problem for individuals with bad credit is that they get loans or credit cards without knowing exactly what they are signing up for.

February 11, 2013

A Guide to Borrow Money in Spite of your Bad Credit Scores

A Brief Understanding of How Bad Debt Personal Loans Work

Are you worried about your expenses? Are you searching for a helping hand that can fulfill your financial needs? Well, there are many people who are looking for good offers for borrowing. Unfortunately, not all of them have credit standings. Nowadays, the bad credit personal loans are becoming quite popular. Many financial institutions and private lenders are offering such loans.

December 18, 2012

Dos and don’ts of credit score

Image source: flickr
A good credit score can make your life easier, eliminating the frustration of having to negotiate with dozens of lenders before you can obtain a loan. Also, it will help you save a lot of money on the long term, as you are more likely to qualify for good interest rates. However, getting a good score takes time and effort, but it's not extremely complicated. As long as you follow some simple rules, you should start seeing results in one or two years.

December 13, 2012

Which Country Is In The Most Debt

Recent announcements have confirmed that the Eurozone is about to head into a double-dip recession, after the GDP fell by 0.1% in the third quarter. When it seems like the whole globe is sinking further into debt, which countries are really suffering from this economic crisis?

The United Kingdom

In the developed nations, the UK has the accolade of largest debt-to-GDP ratio. With that in mind, it’s shocking that the economy is keeping relatively stable. This is largely thanks to Britain’s independent state of mind.

July 17, 2012

How Students Can Improve Their Credit Score

Good credit scores are not built over night; however, they can be carefully constructed beginning at an early age. An excellent time to begin this important process is during the time spent in college, even before a student has any plans that would require financial backing. Most college students feel that their financial needs during their time on campus make it almost impossible to establish good credit, but these years are actually a perfect time to get their credit score in good shape for the future. The following suggestions should ensure that they leave college with an excellent financial record:

Prove Responsible Behavior

Creditors want to know that the odds are good that they will get their money back before making a loan so the first rule of thumb for students who are trying to establish good credit scores is to always stick to the terms of any repayment plan. This means being on time when paying any bills, including all of the following:

• Rent and utilities

• Installment loans for electronics or appliances

• Automobile loans

• Credit card payments

Bouncing checks or overdrawing an account can also show irresponsible behavior and should be avoided at all costs.

Establish Credit Worthiness


Most students are completely bombarded with credit card offers during their first term on campus. Many find them unable to resist the lure of this easy manner of obtaining cash and assume that this will be a great way to work on their credit score. They apply for several of these cards with low credit limits, thinking that they will only use them in emergency situations. The easy access to money, however, soon results in a huge debt with skyrocketing interest rates. This makes repayment so hard that many college students end up completely ruining the credit score they were trying so hard to establish. Instead of this rash behavior, it is better to improve a credit score in tiny increments with some of the following actions:

• Students should put money on deposit to get a secured low-interest credit card. They should use this card only up to 30% of the balance and pay off the borrowed amount at the end of each billing cycle so that they will not be charged any interest.

• If electronics, furnishings, or appliances are needed during the school term, students should take the small installment loans that are offered, especially if they are interest free and pay them off over the next six month period. Even if parents are furnishing the funds for repayment, it is a good idea to purchase these large ticket items in the student’s name.

• Students should keep all approved credit sources open even if they are no longer needed in order to keep a high line of credit available. The cumulative amount of credit on open cards does make a difference in the strength of a credit score. The length of time that an account has been open is also factored into a credit rating.

• If studies allow, students should get a part-time position to establish a work history before graduation. This can work to prove that they have the means to make payments and can show responsibility and drive.

• Students may want to take out a small loan for a portion of their college tuition or expenses. Financial institutions make getting a loan for educational purposes much easier and the interest rates are usually much less than traditional loans. These funds can be repaid quickly so that very little money is wasted on interest, but it is best to stretch the payments over a six month period to get any effect on a credit rating.

Students should be aware that building credit is difficult and takes time, but credit is so fragile that one careless move can send a credit score tumbling quite easily. Tardiness with paying bills, a missed payment, or high credit card balances carried forward each month can decimate a wonderful score in less time than many think. Those working to raise their scores should get a free credit check online at least every six months to avoid inaccurate entries on their records and to make sure they are always headed in the right direction financially.

Jennifer Lewis writes for a site that has information on women’s college scholarships and believes college is a great time to begin to build good credit.

June 26, 2012

Get a Business Loan with Bad Credit Score

There are many business owners who want to expand their business or start a new business all together.  However this requires money and you do not have it and you have bad credit to go along with the no money problem.  There are options out there for a bad credit business loan.

When looking for a business loan do not be discouraged if you get denied a few times.  Not every lender will provide a loan to someone with bad credit.  You will know for sure that you have bad credit if you have missed payments on loans or credit cards, filed for bankruptcy, or have any charge offs.

Knowing your Credit Score

Knowing your credit score is very important.  The credit score is determined by the credit bureaus.  They will analyze your credit history and will assign you a number between three hundred and eight hundred and fifty.  A good credit score is anything above a six hundred.  If your credit score is below that number you will be considered a person with bad credit.

Budget and Business Plan

Now that you know your credit score and you know that it is for sure not a good score you should make a business budget.  Any money requirements that you have should be considered before you apply for a bad credit business loans.  You need to figure out a budget and make sure that your monthly expenses will not exceed your monthly income.

When you go to apply for your bad credit business loan the application will ask for a business plan.  You need a good business plan to present to the lender.  Once you complete the loan application the business plan should be placed on the top of the application and supplied to the lender.

Topics to include in the business plan are of course what the business is.  Be specific in the details.  The lenders will want to receive all of the details that they can.  Also include the name of the business, your social security number and of course how the business loan will be used.  Be specific about those details as well.  It is important to have all of the documents prepared before you go to apply for the loan.

Disadvantages of having Bad Credit

Having bad credit will work to your disadvantage on many levels.  When you have bad credit the lenders all look at your as a high risk.  Therefore they are going to charge you a high rate of interest on your loan.  This will help to protect the lender while bring the lender income at the same time.

The other main disadvantage of receiving a bad credit loan is that you will not receive as large of a sum as a person who has good credit. This can be very frustrating to many borrowers.

It is always recommended to have an attorney read to loan contract before you sign the paperwork. With bad credit loans there are often fine print policies that a normal borrower will not read. This will help you to be sure the loan is a smart financial move for you and get you on the road to starting to repair your credit score and credit history.