Archive for August, 2009
August 29th, 2009 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
August 29th, 2009 at 12:00am
Under Poor Credit Questions
Question:
How do you obtain a poor credit home loan?
I do not have very great credit right now and was wondering how difficult would it be to obtain a poor credit home loan right now? Do they issue home loans for under 70,000 dollars?
Answers:
If your credit is not that decent, an FHA loan would most likely be your best bet. You will have to put 3.5% as a down payment, if the seller concedes to pay your closing costs. If you happen to own any open collection accounts, those would need to be paid off as a requirement of your loan approval.
If you purchase a HUD repo, it will only be 100 dollars down, but you would likely pay up to three percent in closing costs.
The more ideal option would be to repair your credit. The real estate market is not going to suddenly recover, so you could probably wait six months to purchase a house. Homes usually cost less towards the end of the year anyway, since the buying market slows down.
The National Consumer Rights Alliance performs no-cost credit repair to any of its members, and you get a good number of other advantages with membership. If you are sincere about repairing your credit, give them a ring. They can also maybe refer you to a mortgage issuer who can finance your home when you are prepared to buy.
In this day’s atmosphere, it will be difficult, but not impossible to get a poor credit home loan. Your income to debt ratio would be more critical than your actual score, and the higher your down payment, the luckier your chances. It would also be based on what the appraised value of the home is. You are never going to know unless you try.
I would deeply recommend you fixing up your credit first. Decent financial gurus are Suze Orman, David Bach, and Jean Chatzky. Their work can be bought on Amazon.com. Good luck to you.
By admin
August 25th, 2009 at 12:00am
Under Loans for Bad Credit
Question:
What kind of bad credit financing can a person get for career training?
What kind of bad credit financing can someone obtain for career training if the school doesn
By admin
August 23rd, 2009 at 12:00am
Under Loans for Bad Credit
Question:
Bad credit lenders, do any real credit lenders exist?
I have almost been ripped off twice, have tried to get help, been rejected, and need help. I am handsomely employed, work hard, but had a bad run of expensive utlities and my husband was unemployed. I work two jobs, and have three kids. I am not trying to get handout, just a hand. If anybody knows of anything that I may not have please let me know. Thank you so much.
Answers:
Getting a loan because you are in bad financial times is not the best idea. How much more time will the bad run last? Will you need to keep getting loans if it does? If it does, how will this change your ability to pay back the debt? Since you are searching for bad credit lenders, I think that your credit is probably not that great. This would suggest that you are currently have debt to pay off which is probably making the bad times even worse. How does acquiring more debt assist you if the bad times persist?
What you most likely need is to consult with a counsellor to help you come up with a more adequate way of handling your finances. Beware, there are frauds in this specialty as well.
The more and more I hear about people in financial crisis, the more I think that credit is similar to a drug. It is addictive and the second you are hooked you have to keep getting more to avoid the crash.
By admin
August 22nd, 2009 at 12:00am
Under Bad Credit Questions
Question:
Where can I obtain funds to begin a small business with personal bad credit?
I’m searching for a small loan to start a business but I currently have some negative credit. I’m only trying to get 5 to 15 thousand to be used for promotions. I have worked in the printing and graphic design business since 1996 so I do have experience.
Answers:
I would recommend starting the credit issue. Either employ a reputable personal bad credit repair service, or obtain your credit report and start contacting every creditor who lists anything that you dispute.
Rather than cash, see if you can get your vendors to send you net 30 or 60 day terms regarding promotional material. You have been in the industry for some time and if you have gained a relationship with them maybe they would cut you a break in good faith that you will bring future business.
Do you own any collateral? I got a loan from Wells Fargo Financial a while back and I have personal bad credit as well. Also try AIG. Do be cautious of the loan scammers out there. Never give your personal details to any lender unless you get a verifiable business name, address and phone number. And the big indication is that the lender will want money up front before you get the loan. That is not legal in the United States and Canada. If there are any fees associated with any loan, they would be deducted directly from the loan proceeds. Best of luck.
Banks work their own construct for opening accounts. As far as I know, they used Chexsystems. It’s essentially credit report for your checking and savings accounts.
Even with personal bad credit, they shouldn’t automatically deny you for an account. If you have a poor mark on Chexsystems, you will be rejected.
When I had one a while back, I essentially had to ask one of my friends who knows or are at least has a good relationship with the bank account manager. He put in a good word for myself and they opened an account for me.
Ever since then, I have carried out this referral thing for a couple of friends of mine, and it worked for them also.
By admin
August 21st, 2009 at 12:00am
Under Loans for Bad Credit
Question:
How would one obtain a personal loan for Bad Credit?
Hello, I have a poor credit score and I’m in need for five thousand to pay off my creditors so I can repair my credit score. I attempted reasoning with my creditors to reimburse the money that I owe them in monthly installments but they refused since I have been avoiding the issue for some time now, so they informed me that I have to pay them back at least half the existing balance, so now I wish to get a personal loan for bad credit so I can pay them back full and then finance the loan, but I can’t seem to find a personal loan for bad credit anywhere in Canada. Could some one please assist me here, I’m desperate.
Answers:
People with bad credit think that it is difficult to get a personal loans. But there are many financial institutions and banks that issue personal loans for bad credit applicants. Bad credit personal loans are generally desired by persons who wish to consolidate their loans. Many banks prefer to give loans in an incremental order. New customers are issued loans ranging from two hundred to five hundred, depending on their income. You can get more information about personal loans at this site:
http://badcredits.awardspace.com/personalloans.htm
These customers are able to later apply for loans of up to $1,500. Loans of larger amounts can be obtained through secured personal loans. These loans are acquired by applying your property or house as collateral. The interest rates on a secured loan is smaller than unsecured loans. On the other hand, there is always the risk of having your house or property taken away if the loan isn’t repaid.
By admin
August 20th, 2009 at 12:00am
Under Loans for Bad Credit
Question:
Is it possible to get very bad credit loans?
I have a very bad credit rating and require a loan for a car, about 1,500.
Is there a possible way I could get this taking into consideration my credit history – or would it be best to save my money?
Answers:
You can obtain very bad credit loans even without running to loan sharks, but their interest rates are huge as they are taking a lot of risk.
If you are trying to obtain a car loan and you know that your credit rating is not the best, you do not need to worry since getting very bad credit loans is not that difficult. Most lenders know that people these days have taken some hits on their credit and they have made it more simple to obtain a Car Loan even if you credit is poor.
http://www.worldbestloans.com/
When receiving your very bad credit loans be aware that you may need to pay a higher interest rate since the lender will look at you as a bigger risk with poor credit. A bad credit rating not only may cost you a lot of money in high interest rates. If your credit score is in a very low range (e.g. less than 500), you may not qualify for very bad credit loans at all.
You can obtain very bad credit loans, but they tend to be for pretty small amounts and for short lengths of time.
By admin
August 18th, 2009 at 12:00am
Under Loans for Bad Credit
Question:
I am a student searching for a bad credit computer loan. I am younger than 18 and my co-signer has poor credit. I require a loan for computer expenses.
Answers:
If you have not previously completed a student aid application go to www.fafsa.ed.gov and fill out the application. You will require yours and your parents income tax details. You can acquire federal student loans through this method.
If you have done this application, go to the financial aid department at your school and ask if there is something you can do to get bad credit computer loan money to purchase a computer. Also, check for scholarships at www.fastweb.com. It is a no-charge national scholarship search. Best of luck.
Try mbna.com
they like to give out loans but will really work you over once you start making payments.
Do not get a bad credit computer loan because you wish to get a computer.
Work and save up some money.
Check websites where people locally are advertising computers.
Check to see if some of the bigger stores have some kind of credit card or a lay-away program.
An even better option would be to work at a store that sells computers, that way you can get a discount.
If you are at a college that deals with the department of education, many students are offered loans depending on their grade level and not credit. These are referred to as stafford loans.
By admin
August 17th, 2009 at 12:00am
Under Loans for Bad Credit
Question:
Does anbody know where to get bad credit business loans?
I require a business loan soon for $28 thousand and have very poor credit, but I do have a cosigner with excellent credit. Any help would be appreciated.
Answers:
If you are someone who has an entrepreneurial attitude, you can simply get a loan issued by the federal government. This loan enables you to initiate a small business. The department of Small Business Administration (SBA) works as a guarantor for such loans. These bad credit business loans are issued by banks or financial institutions. Very rarely does the SBA directly issues the loan.
Poor credit may be the worst problem to have, but there is a solution.
I will now speak from my own personal experience.
I performed debt consolidation a few years ago, but If I had to do it again I would pay attention to some minor details,
If a person wants to get out of debt right now, it is quite easy using a debt consolidation plan, but it may get a bit confusing at times, I recommend you get as much information as you can on the internet on this first,
A good place to begin in my own opinion is a clear and concise ebook with question and answer that I found:
http://umgarticles.atspace.com/debt-consolidation.htm
I hope this helps you.
By admin
August 16th, 2009 at 12:00am
Under Poor Credit Questions
Question:
How can I locate legitimate poor credit lenders?
I currently have some debt I have to pay back, but due to a divorce recently, my credit rating has taken a fairly significant hit. Any solutions would be greatly appreciated.
Answers:
I believe you have a contradiction of words. Legitimate and poor credit lenders. If you do find honest poor credit lenders who are poor, they will not have any funds to lend out.
Try going to one of the credit counselling sites. Enter in your zip code and they will give you places in your region that will not scam you like so many of the places that advertise themselves on television.
If you are a member of a credit union, begin with a loan officer. You might own assets (i.e., home or retirement) which may be used as collateral. They would also advise as to which debt, and how much money, really needs to be paid off right away, and which could be paid off through instalments.
It is based on how bad your credit is, how much debt you currently have and what precisely is on your credit report. Every individual’s situation is different and each lender’s requirements are different. I will recommend starting with a bank or perhaps a credit union, and if they are not able to help you, they generally can give you tips on other alternatives and go from there.
You may also want to consider having your credit fixed because if it is not, you will still have all those dents in your credit report after you pay for all the debts. I had to go through such a thing a few years ago and the company that assisted me in repairing my credit rating boosted my score by almost 60 points in six months.
You are attempting to borrow your way through debt. This is not a good plan. Please learn how to get your act together with money. By the way, divorce on its own does not a thing to your credit. The only method in which your credit gets harmed is by not paying what you have to owe, unless it is a mistake, in which case you should argue it.
By admin
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