Archive for October, 2008
October 30th, 2008 at 12:00am
Under Bad Credit Questions
Question:
Where to get student loans with bad credit?
Does anybody know where one can get student loans with bad credit?
Answers:
The FAFSA is most likely your best solution. www.fafsa.ed.gov.
The FAFSA assists you by checking to see whether or not you qualify for grants that you do not need to pay back and student loans with bad credit. Bad credit is not going to stop you from getting a student loan to help you. What will keep you is if you are in default on some other student loan, owe a payment associated with loans or grants that you were not supposed to receive or charged with possessing or selling drugs while you are getting financial aid.
On the other hand, the cost these days with schools is much higher than the loans and grants, so I would agree with the other guy’s answer. Look and see if there are any other sorts of payment plans that you could manage while going to college. Another way that I would not suggest is to apply for a private loan. You will probably have to find a co-signer. Private loans for college are driven by credit, and some you may not have to start making payments on until after you finish school, withdraw or graduate
By admin
October 30th, 2008 at 12:00am
Under Loans for Bad Credit
Question:
Can I get a personal loan with bad credit?
I have bad credit because I am pretty young and I have no co-signer, but require a personal loan. Does anyone have any ideas?
Answers:
You are in luck. I was in your position at one time, but I obtained something called a secure credit card, if you require a personal loan with bad credit. now they are not that great because you might end up paying twenty percent interest on them, as well as the fact that you have to put the money up front, which is about three hundred, and you have to pay those fees (one time of 30 typically) but after one full year, you receive your money back. Also it does wonders for your credit rating. I started with absolutely nothing and am now up to 740. but be careful. Just check out this youtube video.
http://www.youtube.com/watch?v=FunpS4QXcRI&NR=1
This requires patience as well as a savings account. Start establishing your financial future: Get an occupation. Get both a checking account and a savings account.
Put ten percent of your income into a savings account and leave it in there.
Do not overdraw your checking account and always live within your means.
When a year or two passes, apply for a credit card or personal loan with bad credit with your bank.
By that time you will not need a loan since you have enough money in your savings account. More than likely you will have forgotten why you required this loan so badly, and will not spend your money on a possession that does not represent a good value for your much hard earned money.
This website has some good, personal loan with bad credit options. I discovered it to be useful.
http://badcredithomeloans4u.blogspot.com/
By admin
October 30th, 2008 at 12:00am
Under Bad Credit Questions
Question:
Can a creditor erase bad credit if I choose to settle with the collection agency?
I currently have a debt with Chase and I believe it was sold to a collection agency and then sold again to another collection agency. This 3rd one issued me a letter yesterday to settle on 264. If I give them this amount who will repair my credit report? The collection agencies never put their negative label on my credit report. Only Chase is on the report and it states charge off since 2006. So could the collection agency fix this or not?
Answers:
The collection agency will only remove or change their own listing, not Chase’s.
You need to obtain an agreement in writing with the collection agency that states they will not report it to the credit bureaus and take away any listings they have already put on there. This is vital as many collection agencies will go ahead and place the negative listing on your credit reports even if you pay them before they do it.
As for that Chase listing, you can attempt to file a dispute with the credit bureaus or writing Chase a letter.
In your effort to erase bad credit, you can consult the Collection agency regarding getting it taken away from your credit. If they refuse to help you, once you since the payment of $264.00 or the previous payment of the $264.00 on the reverse side of the check, that if they cash that check they will be agreeing to remove all negative data in regards to that account from your credit report. If that check is cashed and they do not remove the negative data, you can argue it with the credit bureaus.
Nothing can fix your credit report or erase bad credit, including paying your owings. The thing to look at is if your original credit card is being regularly updated. If it isn’t, you could call the CRA and initiate an investigation, then do the same for the collection agencies. If it’s only $264 and is a representation of only a fraction of the original then it’s probably worth it to make it disappear. Then in six months to a year, call and request an investigation regarding your credit report. Tell them you are not familiar with the account and there’s a great chance it will just be taken off.
By admin
October 29th, 2008 at 12:00am
Under Bad Credit Questions
Question:
Student Loans, Bad credit, and without a cosigner. What to do?
Whenever I apply for a student loan, I get rejected. I don’t have great credit and every other person in my family has terrible credit, therefore a co-signer is not an option. I have to work three jobs to pay for tuition which leaves me very little time to study and tired througout my classes, thus resulting in 2.1 to 2.4 gpa every term which means scholarships are not an option either. Not to mention that I have to pay out of state tuition. There is not a single school in my state that offers my focus: Hospitality and Health Management. Also I hate living here and don’t really care for this city at all. I like my out of state college and the state it is in. I considered becoming a resident of the state to get in-state tuition, however, I would have to drop out of school for a year and be employed full time. I do not want to be in school for five or six years and I’m already lagging a year behind and I started in 2003 and I am still considered a Junior, so I will not do that!
. So are there any loans available for a person like me?
Answers:
Often times the best thing to do is what we don’t want to do. If the difference between in-state and out-of-state is relevant , which is typically true, it may be in your best interest to take a year to gain residency. In the grand scheme of things, taking an extra year to get a degree won’t make a big difference in your life twenty years from now.
This may also give you a chance to apply for a federal student loan which doesn’t take your credit history into consideration for approval and they won’t ask a co-signor if you’re an adult.
Federal loans such as the perkins and stafford would be the ideal way to go, you can find additional information about them at http://ed.gov and check out rates and fees of different lenders at websites like http://www.studentloanconsultants.com.
By admin
October 27th, 2008 at 12:00am
Under Loans for Bad Credit
Question:
Do you know what a bad credit payday loan is?
Answers:
If you are an individual of bad credit but can verify that you have are employed with a steady paycheck, you can obtain a loan from a company that will issue you a loan based on a contract stating to pay them back on your next payday.
This is generally a very bad idea, since they charge you service charges and interest and additional costs that are outrageous. They usually have you write them a check for the total that you will have to pay, afterwards if the check bounces they slap you with both criminal and civil penalties.
The trouble with the bad credit payday loan is that you’ll receive it, spend it, and then when you reimburse them on payday, you’re back to having no cash, which will require that you get an additional bad credit payday loan, and so on. then they have you.
By admin
October 26th, 2008 at 12:00am
Under Credit Cards and Bad Credit
Question:
How do you purchase a home with poor credit cash, no cash and zero income?
Answers:
Search for a rent-to-own scenario. If you locate a house you would like to rent, ask if the building manager would want to sell it to you. Go into a Land Contract with him. Pay him with a check for one year on schedule before the due date.
Meanwhile, open up a few secured credit cards through Wells Fargo and Bank of America and maintain them, keeping them current. As a matter of fact, only use as much funds as you are able to pay off by the due date.
After one year you can obtain a mortgage to buy the home off of him. If you rebuilt your credit and were able to get a deal on the house, you might have the ability to borrow extra money from your financial institution to pay for your closing costs and perhaps a little cash-out.
The other way is to purchase a home from a close relative or friend for a discount. You may use the equity in the home to your benefit. Depends what your poor credit cash is like.
These happen to be the only two ways you are able to legally buy a home with no money out of your wallet.
Most critically, do research on mortgages.
You will need to work with your local mortgage broker. You can talk to one right away so you can begin taking actions to rebuilding your credit rating. You may get issues such as liens that will have to be discussed.
I agree with respect to the No Doc loan (which is basically No Income, No Job and no Assets). However, such a loan is dependent solely on your credit so if you have poor credit cash you may not even be approved for the No Doc, and if you do get it, the interest rate is actually going to be quite high. I would suggest that you get an occupation and save some money before you purchase. Or at the very minimum try to rebuild your credit.
By admin
October 26th, 2008 at 12:00am
Under Cars and Bad Credit
Question:
Car Loans for people with bad credit?
My wife and I are about to buy a used vehicle. We’ve been conducting our research and submitting online car dealerships financing applications and we have not been approved. My wife’s credit score is 630 and mine is in the middle 500s. We own a car that we will want to trade in to assist with the down payment we currently have which is approximately $2000. I understandbanks have tightened up on their lending ability. Does anybody know of any legitimate services offering car loans for people with credit? Any information will be appreciated.
Answers:
There are a large number of banks that issue car loans for people with bad credit. The two ideal options are:
1. Go to a very big dealership that says they help people with credit problems in their advertisements. A large dealership will typically have more banks they work with, more skilled leading specialists on staff, and much better relationships with the banks.
2. Issue a high down payment. The extra money you put down, the better your chances are that the bank is to give you the loan.
Also, keep in mind two other things:
1. Based on current rebate offers, a new vehicle may be more simple to finance with a lower payment as well as a lower down payment for you.
2. Many credit unions are great for people with credit problems.
My suggestion is to find a dealer you feel comfortable conducting business with. Believe it or not, there are genuine car dealers and honest car salespersons. Try to search for one you feel good talking to. Normally, you will get the better deal from a “decent person”.
For car loan quote: http://www.loansandinsurances.com/
By admin
October 25th, 2008 at 12:00am
Under Cars and Bad Credit
Question:
Car Loans for people with bad credit?
My wife and I are about to buy a used vehicle. We’ve been conducting our research and submitting online car dealerships financing applications and we have not been approved. My wife’s credit score is 630 and mine is in the middle 500s. We own a car that we will want to trade in to assist with the down payment we currently have which is approximately $2000. I understandbanks have tightened up on their lending ability. Does anybody know of any legitimate services offering car loans for people with credit? Any information will be appreciated.
Answers:
There are a large number of banks that issue car loans for people with bad credit. The two ideal options are:
1. Go to a very big dealership that says they help people with credit problems in their advertisements. A large dealership will typically have more banks they work with, more skilled leading specialists on staff, and much better relationships with the banks.
2. Issue a high down payment. The extra money you put down, the better your chances are that the bank is to give you the loan.
Also, keep in mind two other things:
1. Based on current rebate offers, a new vehicle may be more simple to finance with a lower payment as well as a lower down payment for you.
2. Many credit unions are great for people with credit problems.
My suggestion is to find a dealer you feel comfortable conducting business with. Believe it or not, there are genuine car dealers and honest car salespersons. Try to search for one you feel good talking to. Normally, you will get the better deal from a “decent person”.
For car loan quote: http://www.loansandinsurances.com/
By admin
October 25th, 2008 at 12:00am
Under Poor Credit Questions
Question:
Is there a method to poor credit finance for a home?
I’d like to purchase a home with a big property, but I do have bad credit. It will be my first house. How can I get over my poor credit history and finance the house that I want?
Answers:
Just recently rules have changed so much that purchasing a home is going back to the method of underwriting with fha loans, or money to put down and decent credit score of 680 or higher. I concur with the first person, obtain your credit report now and start focusing on your trade lines to make your credit history well established. Do not close any of your accounts, keep payments up to date and open, try to create new accounts to build new and decent history. It’s a good thing for you to start working on your credit prior to you finding the home that you want. Cooperate with a loan officer that can and will work with you and your credit to bring you back on the right track. Best of luck!
There are a few loan programs out there for poor credit finance that are not necessarily credit score driven. However, they do have credit qualifications. The best suggestion would be to pay all bills on time for two consecutive years, no collections or tardy payments and so on. Also then check into a “my community” loan (area has to be qualified and so would you) as well as FHA.
Obtain a copy of your credit report immediately and correct any things wrong and possibly settle some of the collection items that are able to be settled. This can halt the collection process. Go to the annual credit report website.
Hope this assists you. Good Luck
Search for a less costly property, live there for several years and be sure you make every mortgage payment on schedule. Then check if you can get poor credit finance for the home that you want.
By admin
October 24th, 2008 at 12:00am
Under Cars and Bad Credit
Question:
Information on auto loans for bad credit?
My credit score is approximately between 490 and 560, and I have an auto loan through Drivetime that I wish to withdraw from. I require a new car as the family is growing, so I need a bigger car, but I still owe eleven thousand on my old car. That’s after a year and a half of submitting regular payments. I did not know what I was doing when I bought this car, now it feels like I’m stuck with it until I pay off the deb.t My payments are $450 per month, and I am able to pay that just fine, perhaps even more, but I can’t find a car dealership that will not reject me without making a $3000 down payment or more.
Answers:
There are auto loans for bad credit online for people with a poor credit history and poor credit scores who require transportation, and need a new start in rebuilding their credit. Even though it may seem hopeless if you have dents on your credit there is an answer. First you will neet to get rate quotes from multiple places. This is very vital, you should look around to get the best deal. On the other hand, remember that there are different factors to consider with each lender, as to whether or not you will receive a loan and if you do, at what interest rate. You can get approved for auto loans for bad credit.
http://badcreditloans.awardspace.com/How_To_Take_Out_A_Bad_Credit_Auto_Loan.html
However, you should understand, obviously you are not going to get the ideal interest rate on an auto loan that a person with perfect credit will receive. But with a little research, especially on the internet, you can find the ideal auto rate quote that meets your scenario. Most borrowers just dive head first into the auto financing process when purchasing a vehicle, giving no consideration to how the auto loan interest rate changes the overall cost of the vehicle or payment every month. With no plan of action or other financing source, this results in them getting high interest rates and high processing costs which result in huge monthly payments.
By admin
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