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.
Saturday, 19 September 2009
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.
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!
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.
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.
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.
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.
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.
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