Archive for April, 2009
April 30th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
Information on bad credit auto loans?
Does anybody know of any decent companies to go with for bad credit auto loans? I need a car immediately and don’t have good credit and no cash for a down payment. Is there a company that will assist us? Our poor credit is not because we don’t regularly pay our bills. There are two individuals with the same name, both are in the navy. One is discharged. The other person’s lack of payments on his bills has been associated with our credit. We have worked very hard to get most of his information out of our report but they still have been unable to get some removed as fast as others.
Answers:
We’re currently in a recession. Far too many banks and lenders have already gone out of business by making high risk loans to people with poor credit, including bad credit auto loans. When the many high risk borrowers recently defaulted on their loans, these banks and lenders lost all their revenue and went bankrupt.
No lender will currently take a high risk chance from now on. Your credit history reveals you are not to be trusted with money. Therefore nobody will provide you with a loan.
There are predatory lenders that may want to take a chance on you. However, these crooks will charge up to 99.9% APR. You must make regular payments every two weeks and if you’re one day late, they’ll repossess the car. If you agree to one of these places a $15,000 car will cost you $35,000 by the time you pay for it all. Over three hundred percent higher than the actual price. And they don’t give report to any of the three credit bureaus except when you default. Then they issue them the repossession notice.
There are millions of people still living in a dream. They still believe lenders are begging customers to borrow, even though they have poor credit. They need to realize the facts. We’re in a recession as a result of all the bad credit loans made to high risk people that have ended up in default. Your probability of getting approved with a primary or secondary lender with bad credit and no down payment is nil.
By admin
April 28th, 2009 at 12:00am
Under Loans for Bad Credit
Question:
What are some examples of the lending companies that assist with home loans and bad credit?
I currently have a credit score in the low 500s. Our family has been struggling for quite some time now. We have six kids at home, four are from past marriages. We are in the special need of owning our own house. I have recently received a promotion at my workplace which almost doubled my net income. Between the two of us working, we make approximately 80 thousand per year. Would we still get assistance with a home loan?
Answers:
Do not lose hope if are trying to buy a home. There are very many different ways to pay for a home now, a just about any person with any kind of credit can find their way into a home, no matter what their credit situation is.
Of course, a few will cost you more money over the long run, but a house is still one of the best investments that a person could make, so, in most cases, it’s definitely worth it, especially during the first year of ownership.
You should try and shop around, and talk to different lenders about what kind of programs they have, and if they are able to assist you. Try to locate a lender that focuses in bad credit mortgages. You can find some loans and bad credit mortgage lenders posted on this page on and off:
http://www.axalda.info/bad-credit-mortgage.html
Do not tell anyone how many kids you have, because there are disposable income criteria for loans that having six kids will really mess up. Also, if you have a low 500s score, you should get used to the concept of having a down payment of at least 5 percent, which will probably increase soon given Fannie’s altered guidelines lately, and having MI in the loan, since the only way you’ll get a mortgage with that range of score is to either go with conforming, or to form a deal with the subprime lenders.
By admin
April 28th, 2009 at 12:00am
Under Cars and Bad Credit
Question:
How does a auto bad credit loan really work?
My credit score is most likely zero, which I know is not possible, but it’s pretty bad. Say for example I want a five to six thousand dollar car, how much would I have to put for a down payment and how much would the interest generally be for an auto bad credit loan?
Answers:
You have a choice between an unsecured car loan, secured car loan, personal car loan, or adverse credit car loan. You can try to get the car loan based on your choice. An unsecured car loan could be obtained without putting down any collateral. However, secured car loan needs collateral.
The advantage that you would get is that longer repayment period will be there in a secured car loan. The repayment terms are shorter with an unsecured car loan. Since the risk is greater to the lenders in the case of an unsecured auto bad credit loan, the repayment terms will be shorter.
To apply for a car loan, go to http://loan-4u.freehostia.com
In this scenario it would be based on the car dealer and then the bank issuing the loan. In the scenario which you describe it would vary but my prediction is it would be small in some cases as to what the down payment could since they dont expect very much with you having a bad credit score. The trouble would hit you however as to what interest rate you would get. That will be the larger problem as this will drive your overall investment in this vehicle upward. You may want to try your current bank if you have a decent standing with them. They might be able to assist you more knowing you as a account holder and being able to analyze history of your accounts. They may also be a decent location to provide you with advice. The bank that you consult might ask that you issue a down payment, however in this situation depending how your vehicle comes out in the deal if it is worth a large percentage less than what you are paying. In that case you will have to pay the difference. T!
his is all based on your bank. Best of luck and have fun on the car hunt.
By admin
April 27th, 2009 at 12:00am
Under Loans for Bad Credit
Question:
Where is the best place to receive loans with bad credit?
I would just like to know what is the best place to receive loans with bad credit.
Answers:
Your credit history isn’t all that relevant when it comes to lenders if you can prove that you are collecting a decent wage and being a first time borrower, you may only be offered about $1000 with most lenders which isn’t that good. Banks are not really the best places to apply for loans with bad credit unless you can submit up to five years worth of addresses and have received a regular income going into this new account for a good while.
Most non-bank lenders are interested only in whether you have a steady full time job or if you have a house of your own or assets they can repossess in the event that you might perish or fail to keep up with payments for whatever reason. This is why a large number loans are for homeowners rather than for renting tenants secured or unsecured loans.
A large number loan companies take on individuals with bad credit or no credit since they are going to make a profit from the interest rates they apply anyway and why the bad/good credit thing is quite insignificant when applying for a loan typically. Very few loan companies reject poor credit score customers as long as they are employed or own a house.
By admin
April 27th, 2009 at 12:00am
Under Credit Cards and Bad Credit
Question:
Is it a good idea to get this credit card (bad credit)?
This card is a first premier bank credit card and the credit limit is $250 then some initial fees must be paid, $182 then my available credit is $71. Then my first payment would be $20. If i was to pay the $182 and did not buy anything with the card i would be charged eight dollars a month whether or not I use it. I have poor credit and this is the one bank that will issue me credit. Should i pay that price for the card or should i just get rid of it? I want to establish my credit and then report to all the major credit bureaus once a month.
Answers:
I had First Premier credit card after my bankruptcy back in 2002 and I know the fees are quite high but if you reimburse them in full and then use the card for every day items like fuel, food etc. never exceed thirty percent of your credit limit and pay the balance in full every month you can dodge any interest and establish your credit faster.
Seeing as you claim they are the only one that would issue you a credit card, what could you lose?
After about twelve months you should not have any problems getting better cards.
You could also try H.S.B.C., Orchard Bank, and Capital One.
You don’t want to get that credit card.
You would be more likely better off going to your financial institution and obtaining a secured credit card — your pay a certain amount of money which acts as collateral on the line of credit. With a secured credit card, you eventually receive the deposit back. With that Premier card, they withhold all that down payment plus charge you will on-going fees.
By admin
April 27th, 2009 at 12:00am
Under Poor Credit Questions
Question:
Where can I obtain a poor credit personal loan?
I am searching for a personal loan, but I am currently having a difficult time. My credit score is pretty low due to my credit card balances being brought to their limits. I wish to pay them off to increase my score again. I also promised my children we would really take a vacation this summer. It is not going to happen. I keep on being solicited by these frauds, so does anybody know a real company that could assist me? Thank you.
Answers:
Do not pay attention to the people on the internet who are trying to sell you a scam. Be wary of Advance fee Loan frauds.
You should never pay UpFront Fees.
Never send money UpFront through Western Union or MoneyGram to any individual or business in the UK, Nigeria or Canada in the spirit of getting a loan. If you do this, then you will learn a tough lesson and you will never see any Loan money.
Keep in mind, if it sounds too good to be true, it most likely is! Do not give out your personal details to strangers over the internet. Always be wary.
Those types of companies will do more damage than good to you. You pay them and then you wind up almost bankrupt.
You are able to pay them back yourself. First, form a strict budget. Get rid of all the extras such as eating out, vacations, cellular phone, advanced cable and internet, etc. Take every cent you can squeeze out of that budget and place it on the credit card with the highest rate, while paying the minimum on the others. When the highest rate credit card is paid off, continue to the next, until all the credit cards are paid back.
Once you have all those credit cards paid for, never charge more than you can afford to pay back at the last of the month.
You should understand the difference between need and want. Pay for the required items first, save your money for the want items and wait until you have money in hand.
By admin
April 26th, 2009 at 12:00am
Under Credit Cards and Bad Credit
Question:
Poor credit unsecured loan?
Hello, I am searching for a loan via a straight forward place where I may take out about a thousand dollars but not a payday loan and someone where they would take it out monthly and purely an online loan. I currently have pretty poor credit from years back. Does anybody out there know of anyplace I can turn to and please no scam sites. Thank you
Answers:
It seems like your parents might not have had the talk about the facts of life with you, so here is just one of those “facts of life”: In the current economy, a very small number (if any) of reputable lenders are going to give out a poor credit unsecured loan, even for $1000. One main reason, obviously, is that you have a bad credit history that has supposedly not been displaced by any recent positive credit. Also, even though it’s only a thousand dollars (not considered a very big loan anymore), most lenders don’t issue these loans because they are not profitable. Respectable lenders are limited in the total amount of interest that they will charge, and you just do not earn enough income on a $1000 loan to pay for expenses as well as risk.
What you could probably be able to do is borrow using some type of collateral such as your car, your home, etc. Or borrow from a member of your family, if you are able to.
I am not sure about the online loan services other people have recommended. I would beware of these. They are surely not in the business of losing money, and poor credit unsecured loans are pretty risky, so be ready to pay a very high rate of interest if you are accepted by one of these lenders.
If you do succeed, pay your debt on schedule. This is the one sure way you can overcome a bad credit history. That happens to be another “fact of life”.
By admin
April 26th, 2009 at 12:00am
Under Loans for Bad Credit
Question:
Where can someone get long term loans bad credit ok and high interest ok?
I have to be approved, and I do not care about the rate of interest. I am able to make the regular payments, I currently have a good job and have to consolidate my debt. I wish to have only one bill. Please do not tell me that this is not a good choice, because it’s my last resort. I just want to know of a place where I may get approved, no matter what the interest rate is. I do not want a payday loan.
Answers:
To obtain a long term loan you would need collateral. Is your home paid for? And you do really care about your interest rate? You do not know that you can follow through with the payments if the interest rate is very high. I am sorry that I am not much help but you did not provide me with enough details.
If you own a car or other pretty high value asset, that could be used to secure your loan. You may find a finance company that can issue you the loan.
Usually these loans bad credit ok are restricted to the value of the asset being used for collateral. Other than that, your greatest bet would be to locate someone with good credit who can co-sign for your loan. Finance or loan companies are typically more inclined to give this kind of loan than banks or credit unions. You do need to be careful though. One missed or late payment and your vehicle could be taken away.
You would be more better advised to contact Consumer Credit Counselling Service rather than getting a consolidation loan. You are usually able to resolve your debt, rebuild your credit and save finance charges.
My recommendation would be to get as many options available as you can.
Best of luck.
By admin
April 25th, 2009 at 12:00am
Under Credit Cards and Bad Credit
Question:
What about credit cards for people with bad credit?
Are there any other credit card companys other than continental finance, first premiere, tribute or orchard bank that assist in giving credit cards for people with bad credit? I don’t wish to have a secured credit card. I own a tribute card and have been making payments on it in time for 5 months now and want to get another card with a company aside from the ones listed above.
Answers:
If you wish to have a good credit card for people with bad credit, you will just have to wait.
The ideal thing that you can do is work on repairing your credit, as well as rebuilding. My prediction is that you have problems which you have not handled.
Work on fixing these, while you begin new accounts.
Secured accounts aren’t great, but they are one way to re-establish credit. You have additional options, however my guess is that you don’t have any money on hand.
Compare the credit cards for people with bad credit based on various factors such as APR, monthly or annual finance charges and if it is at all possible for you to get an increase in credit limit once in a while.
See if your credit card giver sends your credit reports every month to the many credit bureaus. By doing so, your credit card issuer is assisting you in improving your credit standing. Most credit card issuers contract three credit bureaus but some of them report to around four credit bureaus.
By admin
April 17th, 2009 at 12:00am
Under Credit Cards and Bad Credit
Question:
Hello, I have a very poor credit history and I am looking to get those debit/credit cards advertised online that are PrePaid?
I am searching at Wired plastic as well as All Access prePaid Visa. Essentially you pay for the card at a store or western union and you have cash that you deposited. They might charge you a fee every month and so on.
Can any of you please suggest good credit cards for very poor credit you’ve been using?
Answers:
Try to avoid those prepaid card rip-offs. There are far too many fees involved, as well as charges and if you do not use it within a specified period of time, you lose whatever balance you had.
You are much better off to get secured credit cards for very poor credit at any bank or credit union. You basically deposit the funds and they will hold them in the scenario that you do not pay the monthly bill. The more you give, the higher the credit limit becomes and most do not charge you for this service.
It’s a decent way to start to establish your credit, so you should definitely look into it.
Hope this answer assists you at all.
Do not get a New Millenium bank credit card, since they will screw you anyway. I got a prepaid card and when I attempted to close it, having given them 200 dollars and being charged 180 dollars, they opened through another number and began charging me for late fees. Now they say I owe them five thousand dollars on an account I charged 180 dollars on and prepaid 200, which really means they owe me twenty dollars. Be wary, because everyone wants to screw you. The prepaid cards are going to have large finance charges, and almost all of them want to charge you gigantic fees just to open the account.
By admin
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