Saturday, 19 September 2009

Credit Card For People With Poor Credit - Killer Strategies to Ensure You Are Approved!

I'm sure if you have been searching for a credit card but have poor credit, you will have experienced many problems. However, it is important to note that you need to go about this the right way.

This article will provide you with some useful tips on how to obtain a Credit Card For People With Poor Credit.

I would always recommend the first thing you do is to request a copy of your credit report. You may have been labelled as someone with poor, bad or adverse credit, but do you actually know why? If you are fully aware of how potential lenders view you, then you know what you need to do to improve your credit status.

You may want to initially look at getting a prepaid card. You will not actually be borrowing any money. You simply add some funds to your card upfront and then every time you make a purchase, the amount will be deducted from your balance.

Another option may be a secured card. You may use this as a normal credit card, but you will be required to pay an up-front deposit. The deposit will act as a form of collateral or security for your credit card lender. Thus making it far more likely that you will be approved.

Finally, there are banks and financial institutions that offer Credit Cards For People With Poor Credit. These require no security or deposit. However, your individual application will be assessed on its own merits. You will usually have to supply certain documentation, such as payslips and bank statements. This application will also require a full income and expenditure document to be completed. This will allow your lender to see exactly how much disposable income you have available.

Securing a credit card with a low interest rate is the most important thing for you to look out for. Yes there are many sub-prime lenders that will give Credit Cards For People With Poor Credit, but this is of no use to you if it just sinks you further into debt.

Refinance Loans For People With Bad Credit - Discover How to Soothe Those Money Worries Away!

Have you been walking up and down the high street seeking out refinance loans for bad credit? If you have, I'm sure you are extremely frustrated and fed up! Trying to obtain finance from a more established lender can actually be very hard work when you have problems with your credit history.

Thankfully, there are a whole host of specialized lenders creeping out the woodwork. Better yet, they can offer you some quite exceptional deals no matter how bad your credit file looks! There are bound to be many motives as to why you want this loan. However there are probably 3 main reason why you wish to seek out that refinance loan:-

- Interest rates may have gone down (like they have throughout the last couple of years) and you are looking for a more competitive deal.

- You are looking to put all debts "under one roof". Consolidating all your outgoings into one monthly payment will help you keep track of your finances and also lower your repayments.

- You are looking to extend or reduce the term of the loan. Both options can save you money. By extending the term of your loan, your monthly payments will decrease, thus meaning you have more money in your pocket every month! Please be aware though, in the long run this will cost you more. The longer the term, the more interest you will eventually have to pay!

If you are looking to reduce the term, the opposite will be true. Your monthly payments will increase, but you will pay back your loan faster and pay less interest as well.

As i have previously mentioned there are so many companies now that offer Refinance Loans For People With Bad Credit, it's hard to know where to start looking!

This is where many others before you turn to the help of a "middleman". With the influx of specialized lenders, comes numerous organizations that will actually do a lot of the work for you. These organizations usually have access to a database of lenders who will offer a refinance loan for people with bad Credit. They can liaise with the lenders on your behalf, or even just give you the best companies to contact for your individual situation.

Guaranteed Bad Credit Loans - Make Sure You Do These 5 Things Before Approaching a Lender For Cash!

You would think that during the current economic climate getting Guaranteed Bad Credit Loans would be impossible. In actual fact, it is not so much your bad or adverse credit that is holding you back. It is the way you approach this situation.

All lenders, banks and financial institutions are well aware that there are many people with a poor credit rating. However, before approaching a lender to discuss the possibility of a loan, you must make sure you are fully prepared. By making the correct preparations, you show any potential lender that you responsible and that you don't wish to fall into the trap of bad credit again:-

1) First things first, get a copy of your credit report. I usually use Experian, but you can go to any of the credit reference agencies. Do you actually know why you have a black mark on your credit record? By obtaining a copy of your credit report, you will know exactly why lenders have declined you for credit in the past.

2) Any details on your credit report that appear wrong or that you don't understand, contact the lender in question. There may be things that are holding you back from borrowing that you never knew about!

3) Make a budget plan. Don't approach a lender with a specific loan amount in mind. You should be looking at how much you can actually afford to pay towards a loan each and every month. Your budget plan should include all your monthly income and every single outgoing. I mean every single one. Mortgage/rent, household bills, taxes, entertainment costs, gas for the car, school/college fees, etc. This will then tell you exactly how much disposable income you have, thus meaning that you are less likely to overstretch yourself.

4) Contact any family or friends who have a good credit rating. See if anyone would be willing to act as a guarantor or co-signer on your behalf. This gives your lender some additional security. Usually if you are looking for Guaranteed Bad Credit Loans, you will have no collateral to offer. This will make you a high risk in any lender's eyes. By providing some extra security to your lender, you are far more likely to get approved.

5) Look to contact an intermediary company that has access to specific loan companies that provide Guaranteed Bad Credit Loans. Rather than having to do a lot of the "looking around" yourself, get someone else to do it! It can be fairly soul destroying to receive rejection after rejection. If you use an intermediary company, they can look through their database of lenders, you are far more likely to have a positive response and get that loan a lot quicker!

Loans For People With a Bad Credit Rating - Your Credit Score Does Not Have to Get in the Way!

Before you lose all hope and decide to give up, there are financial institutions and lenders who provide loans for people with a bad credit rating.

Whenever you apply for a loan, any potential lender will request your credit file. They will review this alongside the information provided on your application form and make a decision calculated on "risk". Should you have a low credit score and your finances have been blighted by CCJ's, arrears and defaults, it is very unlikely that a mainstream lender will be willing to help. Luckily for you there are specialized companies that deal solely with giving Loans for people with a bad credit rating.

Other things that may tarnish your credit file, that you may not be aware of include:-

- Non-payment of parking fines

- Late payment or failure to pay utility bills

- Repeated attempts and failures to obtain credit

So you need to be in control of all your finances and not just the credit facilities you have available. These will all show up on your credit file.

Usually if you approach a specialized lender for a loan, you can expect to be charged a higher interest rate than with a standard loan. If you are thinking of consolidating all debts into one payment, you should be careful. The main way of doing this is by getting a secured loan, which may involve putting your home up as surety. Should you fall behind on payments, you risk losing your home.

There is still the option to borrow unsecured bad credit history loans, however, you will not be able to borrow as much as if you offered some form of security. So whether you are looking to carry out some home improvements, consolidate all your debts, pay for a holiday, car or wedding, rest assured that there are Loans For People With a Bad Credit History.

Thursday, 17 September 2009

Poor Credit Rating Loan - 5 Top Tips to Secure a Loan Even If You Have the Most Awful Credit Rating!

You would think in this day and age, there would be no chance of getting a poor credit rating loan. However, it seems that lenders are more aware that a high percentage of people have poor, bad or adverse credit.

Here are some tips to help you secure that all important loan:-

1) Do your homework first. Never accept the first offer you receive. I know that you are likely to be declined many more times that you are to be accepted for a loan. So being approved by a company will seem like heaven! But by having a few offers on the table, you can take the best one!

2) Can you provide any collateral? Can any close family or friends act as a co-signer? Any form of security you can offer, will make it much more likely that you are approved. This can also significantly lower the APR and overall costs of any loan.

3) Make sure that you always read the small print. You don't want any nasty surprises along the way. One of the main things you should look for is a clause that allows you to repay the loan at any time. The likelihood is because of your poor credit rating, you will have to pay more interest that if your credit was fine. Therefore, the sooner you pay off this loan, the better. So if your financial situation improves further down the line, you don't want to be stuck paying this loan.

4) Even fees are negotiable. Once you have found a willing lender, check and see which fees are absolutely necessary and which one's aren't. Your monthly payment may have been bumped up by the addition of insurances. Are you covered for these through work or elsewhere?

5) Never borrow more than you actually need to. Securing a poor credit loan is not that difficult if you have a sensible approach. Calculate how much you can afford every month first and then work out how much of a loan this will allow you to take.

Do you desperately need to know how to find a Poor Credit Rating Loan?

To learn what others are doing in your situation then Click Here and see what certain companies can do for you.

Personal Loan After Bankruptcy - The 3 Main Things a Lender Will Check Before They Consider You

If you are applying for a personal loan after bankruptcy, it is important to know what steps a potential lender will take prior to any approval. Many people, mistakenly believe they will not qualify for any form of credit for a long time.

However it is possible to get a personal loan after bankruptcy. Here is an insight into what your lender is looking for:

1) Your current employment status is of the utmost importance. In addition, how long you have been with your current employer. If you have recently just started a new job, then forget about trying to get a loan. A lender would "like" to see you with your current employer for at least 2 years. But they can be flexible. A lender would definitely not consider anyone for a loan who had been in their current position for under 6 months.

2) Your credit score and report is the next thing a lender would look at. You know that if you have filed for bankruptcy, your credit score will not be very good. So be honest about this up front. There are usually 5 different types of response to your credit report, depending on which lender you approach:-

a) We do not accept anyone who has filed for bankruptcy

b) Accepted if you filed for bankruptcy over 2 years ago

c) Only if you filed over 5 years ago

d) We will accept you as long as you have at least 2 forms of unsecured credit

e) We will accept anyone and provide a loan to everyone

An important point - as you work your way down that list, the more you can expect to pay in APR, interest and possible fees.

3) Do you have any form of security to provide? Usually when applying for a personal loan, the outcome is decided by your credit record alone. As it is unsecured, you do not need to provide any security. However, when applying for a personal loan after bankruptcy, you are viewed as a higher risk. Speak to any family or friends who have a decent credit record and may be willing to co-sign on your loan. A lender will view this very favourably.

Car Loans After Bankruptcy - 3 Top Tips to Make to Make Sure You're the One in the Driving Seat!

There are numerous companies who offer some very favorable terms on Car Loans, even if you are applying after Bankruptcy. Some of these companies will offer secured car loans, thus providing them with the peace of mind that their loan will get paid off no matter what. However there are more companies nowadays who will offer any form of credit for those with a troubled financial past, without you having to provide security.

Follow these essential tips when looking for Car Loans After Bankruptcy:-

1) Any form of loan after bankruptcy will have high interest charges. You may even be offered loans with a 20% - 30% interest rate. So you will want to keep the car price as low as possible. This may mean that you have to miss out on the car you want. You may have to settle for a more basic model or you could try to negotiate the price of the car down. If you are looking to buy through a main dealership, they should have some scope to drop the price.

2) Don't get so hung up on looking for a "Car Loan". Most lenders that provide this specific type of loan have very tight criteria that they require you to meet. However, you can find lenders that will supply unsecured or secured personal loans for people with adverse credit. As the loan is considered "personal", you can use it for whatever purpose you wish!

3) Once approved for your loan, take this opportunity to re-establish your credit rating. By making your loan payments on time and in full, you are actually improving your credit rating. It is a good idea to check with your lender after 6 to 12 months and see whether you can refinance the loan. If your credit rating has improved, you should be offered better terms and conditions and a lower interest rate. Thus making your monthly payments smaller!

For those of you seeking Car Loans After Bankruptcy, a very important point to note is - Do you actually need a new car? And if so, do you need it now? As your finances are not where you want them to be, you need to be sensible and act responsibly.

Wednesday, 16 September 2009

Poor Credit Debt Consolidation Loan - Don't Get Fooled by Companies Asking You to Break the Law!

It's a sad fact that many of us are blighted by a poor credit history. We could all do with some extra cash every now and then. But having a low credit score can put an immediate end to any hope you had. However, there are many lenders who will offer you a poor credit debt consolidation loan...But at what cost?

There are so many lenders from which you can obtain debt consolidation loans even with poor credit. It is a case of finding them. I would always advise that you should never except the first offer you receive as it may not offer the best terms and conditions. Some patience and perseverance can yield a great loan offer with a extremely attractive interest rate.

One jaw-dropping experience i recently had while researching this subject, came in form of companies asking their potential clients to break the law. Never ever be tempted by a company who will ask you to create a new identity in order to obtain a debt consolidation loan. They may ask you to make a few subtle changes to your personal records, which may give you a better opportunity of passing a credit score. The main thing to remember is even if you do secure a loan this way, there will be a long term reminder of this on your credit file. So even years down the line, you can find yourself in trouble with the authorities, because you have basically committed fraud!

The first thing you should always do when looking for a poor credit debt consolidation loan is obtain a copy of your credit report. You can approach any of the 3 credit bureaus, Experian, Equifax or TransUnion. As a US citizen, you are entitled to a free copy of your report once a year. This gives you the opportunity to see how all potential lenders view you. Is there anything on your report that shouldn't be there? Is there anything on your report you don't understand? Is there anything there that you didn't know about? If so contact the lender in question and see if you can put these things straight first.

Once you have looked through your credit report, it's time to find a lender. As i have mentioned, there are lots of lenders that can offer you a Debt Consolidation Loan even with Poor Credit. But always be careful that you are not being asked to do anything untoward or illegal in order to be accepted!

Credit Cards For Bad Debt Or a Poor Credit Debt Consolidation Loan - Which One Should You Choose?

Usually if you have mounting balances on your credit cards, you would just look to consolidate all your debts onto a 0% APR card. However, if you are in a situation where you have bad debt or a poor credit rating what should you do?

It is near on impossible to obtain 0% Credit Cards For Bad Debt. If you were to secure a credit card in your current financial situation, the likelihood is:-

- You will be offered a much lower credit limit. Often this is not enough to consolidate all your debts.

- You may be asked to pay an additional annual fee. This may not start off as much, but once you start to rack up numerous credit cards, the accumulated annual fees can mount up to a large sum of money.

- If you do manage to get a credit card with a low APR, it will probably be for a short promotional period of 6 - 9 months and then skyrocket to a rate that is ill-affordable. Thus any benefits you gained will soon be lost!

This is where many people turn to a Poor Credit Debt Consolidation Loan instead. You should be able to secure a Debt Consolidation Loan with a fixed rate for a fixed period of time. This will mean that there are no nasty hidden surprises. You don't have to worry about your interest rate suddenly rising and you have an exact payment to budget for every month!

The other reason to obtain a Poor Credit Debt Consolidation Loan over a Bad Credit Credit Card is it is more likely to improve your credit rating. You credit score and rating is affected by how much of your actual credit you have used. So if you have a number of cards all up to their limit, this doesn't look good.

However if you consolidate all your debts into one loan and leave the credit card accounts open, this will be much better for your credit score. It will appear that you have a number of cards that have their full limit available and just one loan to which you have to make monthly payments. I would suggest, even though the accounts remain open, you should cut up the cards though. You don't want to be tempted again.

So for me a Poor Credit Debt Consolidation Loan wins every time!

Tuesday, 15 September 2009

Debt Consolidation Loans For People With Bad Credit - Is This Type of Loan a Good Or Bad Solution?

Debt Consolidation Loans have often proved to be a life saver for people with bad credit. If you choose to leave all debts as they are, this can often have a worsening effect on your financial status and credit history.

However during the current worldwide economic slump are Debt Consolidation Loans for People With Bad Credit a good thing?

The main reason you would want to get a debt consolidation loan is so you can put all your debts "under one roof". By just having to pay one lender for all your credit card, loan and hire purchase debts can give you peace of mind. You are not constantly having to look through several financial statements or worry about which lender you should pay first. In addition to this by consolidating all debts into one monthly payment, you should be able to lower your total monthly outgoings.

The one problem that you will face is when trying to apply for this type of loan is the interest rate you may be charged. Your bad credit rating may have an adverse impact on the terms and conditions that apply to a loan. This is where it is advisable to do some shopping around. Granted, there will not be as many lenders willing to lend you money when you have bad credit. However, there are still an adequate number of lenders out there who can offer you a great deal.

So in answer to the question - Are Debt Consolidation Loans For People With Bad Credit a good or bad thing? I would say the majority of the time it's a great thing. Just make sure you do some proper research first and never just settle for the first offer you come across.

Home Equity Loan For Bad Credit - The Best Way to Lower Your Monthly Outgoings During Hard Times?

It's a sign of the times that many of us our struggling financially. One of the best ways to improve your financial status would be to consolidate all your debts with one lender. Often the easiest way for a homeowner to do this would be to apply for a home equity loan. However, what happens if you have bad credit?

All finance is issued in principle by how good your credit score is. So if you do have a poor credit rating or some form of adverse credit, it is likely that you will be declined for a loan. Having said that there are an increasing number of specialized lenders who will provide you a home equity loan even with bad credit.

Prior to approaching a lender, i would always suggest obtaining a copy of your credit report and see if you can make any improvements there first. You are entitled to a free copy of your report once every 12 months. You may approach one of the 3 credit bureaus, Experian, Equifax or TransUnion and request a copy of your credit report.

Once you have your report, see if there are any indiscretions or things that shouldn't be there. You would be surprised at how many people have bad credit, but are not 100% sure why. Even worse, is having black marks on your credit file that shouldn't even be there in the first place. If you have a specific lender with whom you have arrears or defaults, you should try and come to some sort of voluntary arrangement with them. This will also help to slowly improve your credit score.

Now when applying to a specialized lender for a home equity loan with bad credit, you should be aware that you may face higher than normal set up fees. In addition a lender may well ask you to increase any supplementary mortgage insurance as this will cover some of the "risk" your lender is taking. Having said that, whenever you are seeking a home equity loan for bad credit you should still be able to secure favourable terms and conditions. Just because you have some form of poor credit, doesn't mean you are not entitled a good deal!

Debt Consolidation Loans For People With Bad Credit - How to Save Yourself From a Financial Crisis!

How important are Debt Consolidation Loans For People With Bad Credit? They are actually a godsend. These type of loans can easily prevent your financial status from getting much worse!

You can use a debt consolidation loan to replace a number of debts. So rather than having to pay many different creditors at very different interest rates, you can get all debts in one place. This will not only make it easier to keep track of all your debts, but can usually mean your overall monthly expenditure decreases. If you are paying out less each month, this will help a lot towards improving your current financial situation.

If you have bad credit, this will usually mean you have some form of arrears, have defaulted on payments or even have a county court judgement registered against you. Any one of these situations, will immediately lower your credit score and potential lenders will view as a high or bad risk!

However, even in this day and age, it is still possible to secure Debt Consolidation Loans For People With Bad Credit. You can expect to be charged a higher interest rate than someone with a good credit history. But you need to be careful. Just because you have some form of adverse credit, this is no reason for unscrupulous lenders to take advantage and charge an unjustifiable rate of interest.

There are many lenders who specialize in giving Debt Consolidation Loans For People With Bad Credit. These lenders understand the risks involved, but are also willing to give you a second chance. They understand that by lowering your monthly outgoings, this will actually put you in a better financial situation, thus meaning you are less likely to miss payments to a loan agreement.