Archive for January, 2009
January 31st, 2009 at 12:00am
Under Poor Credit Questions
Question:
What banks give out unsecured poor credit Visa or Mastercard to people with bad credit?
I have to find a bank that issues poor credit Visa cards for people with bad credit. However, I do not require a bank that applies a monthly maintenance fee.
Answers:
Orchard bank is the ideal bank to go to if you wish to have secured credit cards. They do not charge a monthly fee, but they do apply a one-time fee of 35 dollars. They are good. I have been with them for the past few months, after about 12 months, they will unsecure it. Also, they report to the credit bureaus every month which will make your score improve a little if you pay on time. Look them up; you will not regret it.
If you currently have poor credit then now is the right time to get away from the whole concept. Just obtain a debit card. It will work anywhere a credit card would.
The advantage is that you should never have a fee every month with a debit card and they will even give you interest on your account.
The main reason to get a credit card would have to be to spend cash that you do not currently have. If you don’t currently have the money then do not even bother buying it. Just do some planning with a budget and never mind the credit cards. Credit cards are problems encased in false promises.
HSBC – Orchard Bank issues credit to people with bad credit and poor credit visa. Based on your credit score, they do charge a fee every year for their cards. I for one would not suggest them. However there are a few banks that focus on people with poor credit. A lot of sites on the web gives information on these sources. Be wary in choosing one, and Good Luck.
By admin
January 29th, 2009 at 12:00am
Under Credit Cards and Bad Credit
Question:
Can I get business credit cards with poor credit?
I have a poor credit at the moment, but I would like to apply for business credit cards for my business uses. Where can I begin? What are my options?
Answers:
It is possible for you to apply for business credit cards with poor credit. You should expect then that your beginning business credit limits are lower, with a much larger interest rate.
It is more simple to establish business credit if you have a decent credit. I would recommend to fix your personal credit beforehand by paying your bills on schedule. Check the three major credit bureaus, send dispute letters if there are any mistakes regarding your record. In the future, if you always pay on schedule, they’ll raise your credit limit and it will be more easy for you to apply for business credit cards with poor credit.
If you are not already receiving offers through the mail, start looking online for applications; Later on, and it could take up to a number of months, you may receive offers for a “no annual fee” credit cards with poor credit. Begin applying for these cards.
Once you obtain that, most likely with a low limit like 250 or 500 dollars, start by doing small purchases. The point is make sure you send you payment ahead of schedule each and every month.
Do not ever miss a payment or issue one with insufficient bank funds.
After a number of months of on time payments, they will increase your limits.
If you have money right now, what you could try doing is walking into your bank and ask about a secured credit card. You put down a deposit, say in a short term deposit and the bank isues you a credit card with a lower credit rating than your deposit. If you keep up a good history with the credit card, in about six months to a year the bank might get rid of the requirement for the security deposit. I have gone through this a few times in the past.
By admin
January 26th, 2009 at 12:00am
Under Credit Cards and Bad Credit
Question:
Do credit card companies issue credit cards for people with poor credit rating?
Hello everyone,
I have just sent in a credit check and I am currently waiting to hear back, but just out of suspicion, I was wondering how poor my credit rating actually is. i have been getting credit card offers in the past from popular companies with 2.5% interest.
Would they issue it to me if I had a poor credit rating or would they just send these to all people on their mailing list?
Thank you for your help.
Answers:
Yeah, you will get them but if you believe you will receive an American Express or one of the other big ones, dream on. You will also get rejected when they do your credit check.
Hello,
Yes, sadly these companies do send them to all people, or at least most households. Some companies will issue you a ‘guaranteed’ product message if you have held an account through them for a period of time and they realize that your credit rating is fine. For instance, if you have had a bank account through the Halifax for a few years, typical wages being credited, never in overdraft or kept within limit if you have an overdraft, resided at the same address for over three years, then they have a pretty decent view of your personal credit history. It is probable they will have checked your credit score prior to sending out a guaranteed product letter, thus their confidence in issuing it to you.
If you obtain a bog standard offer from any company and put in an application for the product, they will then check your credit score and if your credit rating is bad, they will reject the offer. It is stupid, I know, but never just assume that since you have received an application that you are going to be offered that product.
I hope this assists you.
By admin
January 22nd, 2009 at 12:00am
Under Loans for Bad Credit
Question:
What companies will offer unsecured loans with bad credit?
I have a debt of 4,000 pounds at the moment. I have really tried to find out how to raise this type of total to consolidate and pay off my debts. I have applied to Norwich & Peterborough and I have been turned down due to a low credit score.
Can anybody please suggest any loan companies that would possibly be able to help!?
Thanks.
Answers:
4 thousand is nothing in the world of debt, and take my advice: make an offer to reimburse say twenty a month. Do not get a loan, or you’re asking for trouble.
How about trying through your bank account? They must be able to help you but do not keep applying for loans because your credit score decreases.
Do not do it. If you cannot handle your debts as they are, how are you going to manage to pay off a loan which would be equivalent to the total of your debts, plus loan interest? Furthermore, if you go to a lender who focuses on unsecured loans with bad credit you will be paying a larger interest rate.
Go and check out your local Citizens Advice Bureau who can discuss reduced payments for you, avoiding the need to take out further loans.
Having an additional loan is probably not the ideal way to go. You will be much better off consulting a company that takes all of your finances in hand and work out an affordable monthly payment to pay back each of the companies that you have outstanding credit with. These sorts of companies do extract a fee out each month, but within five years or less based on your repayments, you will be rid of your debt and also have a good credit rating back. It is worth thinking about and i would suggest a company named Gregory Pennington. Give them a call and find out what they can do.
By admin
January 22nd, 2009 at 12:00am
Under Bad Credit Questions
Question:
How does one obtain a credit card with cash bad credit and if you are employed with a cash income?
I working from home because I have a disability. The main way I make money is constructing a website to get money, and all my money is going to the bank. I do not get pay slips but cash since it has been deposited in the bank. I want to obtain a credit card but I currently have cash bad credit. I would like to know how a person can build credit if you cannot get credit card. I want one to order things and things of that sort. Does anyone know how, which banks offer credit without investigating your credit history?
Answers:
Why don’t you apply for a Visa Debit Card through your bank?
It is similar to a Visa card but you can only spend what you currently have in your checking account.
You have to really fix your credit back up so maybe get a secure credit card and progress your way up to unsecured.
Many drug stores issue prepaid credit cards for like 19 dollars to load them up at first and then 5 dollars everytime afterwards. they are known as green dot. you can go to their website and check to see where a local store may be situated for you to get one.
Everyone is right so far about a secured credit card. Because every card company checks your credit you will likely get turned down for a normal card. Your best bet will be to go to a bank like US Bank, Bank of America, etc. Any financial institution or bank that does credit cards and ask them about any secured credit cards. The one at US Bank is a minimum of three hundred dollars to begin but that is also your credit limit. After about 12 months or so, with good payments a lot of companies will change it to a regular card and pay you back your money.
By admin
January 22nd, 2009 at 12:00am
Under Credit Cards and Bad Credit
Question:
Can I get business credit cards with poor credit?
I have a poor credit at the moment, but I would like to apply for business credit cards for my business uses. Where can I begin? What are my options?
Answers:
It is possible for you to apply for business credit cards with poor credit. You should expect then that your beginning business credit limits are lower, with a much larger interest rate.
It is more simple to establish business credit if you have a decent credit. I would recommend to fix your personal credit beforehand by paying your bills on schedule. Check the three major credit bureaus, send dispute letters if there are any mistakes regarding your record. In the future, if you always pay on schedule, they’ll raise your credit limit and it will be more easy for you to apply for business credit cards with poor credit.
If you are not already receiving offers through the mail, start looking online for applications; Later on, and it could take up to a number of months, you may receive offers for a “no annual fee” credit cards with poor credit. Begin applying for these cards.
Once you obtain that, most likely with a low limit like 250 or 500 dollars, start by doing small purchases. The point is make sure you send you payment ahead of schedule each and every month.
Do not ever miss a payment or issue one with insufficient bank funds.
After a number of months of on time payments, they will increase your limits.
If you have money right now, what you could try doing is walking into your bank and ask about a secured credit card. You put down a deposit, say in a short term deposit and the bank isues you a credit card with a lower credit rating than your deposit. If you keep up a good history with the credit card, in about six months to a year the bank might get rid of the requirement for the security deposit. I have gone through this a few times in the past.
By admin
January 18th, 2009 at 12:00am
Under Credit Cards and Bad Credit
Question:
How to reveal poor credit com after being offered a job?
The job interviews went really well and I got a job offer which I accepted. However, I have a poor credit com score because of a bankruptcy declared a couple years ago. What can I do when I am going to be asked to sign for credit check as well as a company credit card (amex who surely will refuse) on my very first day? Can the company reconsider the offer? What can I do now that I already quit from my previous employer?
Answers:
It was previously unlikely for companies to look at your credit report, but it’s getting to be more and more frequent. According to a piece in the LA Times entitled “Trapped: It’s hard to get a job if your credit is bad”, the number of employers running credit checks has went up by 55% in the past five years, and is now the same as 33% of total employers.
Credit checks are very common for places that imply handling money or valuables, such as for bank tellers or jewellery shop workers. In essence, a tech job would not seem so likely to need a credit check, but if they’re going to issue you a company credit card then they will probably check it anyway.
One possible thing to happen is that you tell them the reasons why you have poor credit com. Companies connect bad credit to lack of trustworthiness on the part of the future employee, but if you demonstrate to them that you have poor credit due to medical problems, divorce, or other unpredictable circumstances, they may not include it into account.
Looking at credit reports is not necessarily legal for employers in every state. You could check if is legal in your state, and if not you may deny them permission to do it.
Other than that, you just have to hold on and see. They might not run your credit report or may not think of it enough to withdraw the offer.
By admin
January 18th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
I wish to refinance car loan bad credit has made this difficult. Are there any suggestions on where to obtain a loan?
I have a very high car note with an 18 percent interest rate. I really would like to refinance with no co-signer. Would this be possible?
Answers:
I personally wouldn’t refinance car loan bad credit. Other than depending on how long you have had the loan, you likely have paid a significant portion of interest already. I would suggest paying approximately $50 dollars more a month and the Interest should shrink down. Not to mention that you will pay off your car faster. You can also gain from paying half your payment every 2 weeks.
As soon as you have a car from a loan and you obtain delivery from the dealer, you would have been able to drive the car around the country three times with mileage that makes the car worthless. The banks won’t refinance car loan bad credit. You no longer own trustworthy collateral. You can’t clear the first loan with the same vehicle now, even to open a second one. A vehicle is a consumer retail asset, nothing like real estate. What will happen is if the loan is settled, you would obtain the money as if you were selling your own car. The first contract would have to be settled and the dealer would have already got payment. So then you have this property to pay the bank and the repo man finds the vehicle in a junkyard. The only method is the use of a co-signer with more decent credit, unless your credit rate went up very high since the 18 percent loan. You could pay off a big amount, slashing the months of the loan and its compound interest.
Hello.
I went with “Credit Solution” to settle our loans. They were able to reduce my loans up to 58 percent. It’s legal. I discovered this company on their NBC News Special Edition. Go to the site:
http://d6b0.easyurl.net
By admin
January 17th, 2009 at 12:00am
Under Poor Credit Questions
Question:
Can we find a poor credit mortgage loan for a home?
My fiance and I are renting a house in our neighborhood and currently paying 1100 dollars a month in rent. This is pretty expensive for the area which we live in. We are wishing to buy a house and feel that we have enough income, which is around $90,000 per year to own a home. The trouble is that our credit scores are currently the high 500s. We have been informed that we may be approved for a poor credit mortgage loan but may get a higher interest rate. We have very small debt between the two of us and also have a down payment put aside from a family member. I am just questioning if anyone has received a poor credit mortgage loan with a similar situation?
Answers:
It is certainly possible to get a poor credit mortgage loan. The lease on the house we are currently renting is soon to expire and out of curiosity I contacted the bank to find out if it was even a possibility to get a loan. My credit score is approximately 560 and we were able to obtain a poor credit mortgage loan with only a 3% down payment and a 30-year-fixed including an interest rate of 6.6 percent. Perhaps some people think that is high but I’m certainly willing to lock that in for now until am able to get a handle on my credit rating. I think you should certainly start contacting lenders and check what is available in your region. Good Luck!
I am not sure if this will help, but just in case you will have a high interest rate, I know that a number of cities have first time buyer services who will offer grant money to the down payment, if you enroll in a money management class. but there are catches, like in our city we need to remain in that home we buy with ther grant money for five years. and if we fail to do so, we would need to pay it back. The city can search for special financing for poor credit!
By admin
January 16th, 2009 at 12:00am
Under Poor Credit Questions
Question:
How can I obtain poor credit financing for a motorcycle?
I have bad credit but I can afford motorcycle payments with my income. Would anyone know where I could obtain poor credit financing to purchase a motorcycle?
Answers:
If it is a brand new motorcycle, your dealer will get some sub-par lenders he could set you up with. Be ready to pay about ten to twenty percent down, and you’ll get slammed with an interest rate somewhere between 15 to 20 percent.
However, the good news is that you will have a motorcycle.
By the way, do not forget your insurance. You’ll need to secure full coverage if you’re financing the motorcycle. Your best chances are with Progressive, Dairyland, or Geico for insurance.
You do not, you pay in cash.
If you are a poor credit risk, why is anyone going to want to finance you for a motorcycle, that you could possibly get killed on and never repay the debt?
The one way you would get a finance company to purchase the bike, is to get an insurance plan that will pay for the loan if you are killed.
Apply for a bank loan to pay for the motorcycle. It will save you on your insurance too.
Let me teach you how to get poor credit financing.
The down payment is extremely important. You know about the ads: no credit required, we’ll finance anyone.
Well, just as long as the down payment is large, anybody will finance you.
Get a loan shark. Actually I mean company that focus on securing loans for vehicles. These are generally higher interest rates, but once you get a foot on the ladder you might be able to switch to a company charging less interest.
Find somebody with decent credit to co-sign with you. Somebody with good credit.
By admin
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