Poor Credit Questions
November 24th, 2009 at 04:51pm
Under Poor Credit Questions
Question:
Information about bad credit rating?
As of now, I have a bad credit rating but have been hired at a decent job which means I am able to pay off my loans and overdrafts within six months. If I can do this and then refuse to borrow or go into my overdraft, how much time will it take for me to get my credit rating back to a higher rating? Thank you
Answers:
Seven years of decent credit will increase your score.
I paid off all my credit card balances and in three months I was fine with about a 30 point increase. I also had a few colection items and it increased from 520 to about 640 within six months but if you want to be very big like over 680 than that could take up to two or three years of stable good standing and no inquiries. I bought a home as soon as my credit increased to 640.
It depends on how bad your credit is. Shopping catalogs will come off in two years. that is why they will start bugging you when that time is almost finished. If they fool you into a payment, so they will get off your back, it is only a trick. If you commit to payment, you’re back on the two-year thing. However, stay up to date on your payments now, they watch the current activity a lot.
I had a bad credit rating seven years ago and I am still not clear. I think I am still blacklisted. It doesn’t concern me now since I don’t do plastic. If I do not have the cash, I don’t buy it. I just wish i’d have done that seven years ago after three credit cards. I had a very low credit score nobody would go near me with my history.
Three years. Anything after that, companies are not that concerned with, but you must remember not to try and get credit within the first twelve months of getting rid of your debts and if you do only apply for two things within six months of each application, as the more credit you apply for harms your rating more than not paying back the credit as when the companies search they see all the applications.
By admin
November 3rd, 2009 at 12:00am
Under Poor Credit Questions
Question:
Would anybody know the best company from which to obtain poor credit home loans?
I have poor credit at the moment, but am slowly regaining a handle on it. Anyway, i am trying to move my family into a house and want to know if anybody knows of any home loan companies that are willing to cooperate with individuals with poor credit. Thank you.
Answers:
The subprime market is currently shut down, the Alt-A market is almost totally shut down, and it has become more difficult for even the Prime borrowers particularly anyone who wants 100 percent. If you have 20 percent for a down payment and closing costs you may have a good chance. If not, then I’m sorry, but there is no one willing to take that chance anymore. Please check out the news and research yourself as to what is happening, or you may result in joining the statistics.
Right now if you have bad credit you are not going to get a home loan. If through some of the scam companies who claim that you can actually issue you poor credit home loans, doubtful, then you are going to be paying double digit interest, pre-payment fees, and a myriad of inflated fees.
The ideal way to confirm my statement is to consult a Broker and ask him.
Almost all of the companies specializing in poor credit home loans are in the headlines and going bankrupt.
In the existing market, you are not likely to qualify for a loan. Alternatively, you should work on improving your credit. Be certain that you pay all your current bills on schedule. Work on decreasing your credit card balances to less than thirty percent of your available credit — paying off totally is even better.
Get a copy of your current credit report and start working towards fixing up the negatives. Begin with the newest ones and progress back. Discuss settlement. Get settlement agreements on paper and never give them permission to access your bank account.
In some other year, the housing market will begin to settle down and your credit will look improved. If you can save money for a down payment, that will be much better.
By admin
November 3rd, 2009 at 12:00am
Under Poor Credit Questions
Question:
Who will give us a poor credit unsecured loan?
We do not own a home, but we wish to get a loan for a deposit for renting a house. So far we have been denied by many companies. we have to move soon but don’t know which lenders to send applications to. A lot of them want money up front but then are not able to find us a loan, and end up leaving us with even less funds. Can somebody please help us? Thank you.
Answers:
You are going to get harmed by lenders. Have you attempted asking your prospective building manager for an alternative arrangement, where you provide something as security, and in return, issue the deposit through instalments rather than going to a loan shark? The current regulations on rental property deposits basically mean that the building manager may not benefit from the deposit of the bond, and have to hand it back within two weeks, and therefore not Speak with to them and tell them the situation as by having to go to a loan shark, you might also be putting your future rent money at risk if you are in a position where money is tight, and you need to decide. Discuss it through. It should be advantageous to you both in order to be straightforward.
Best of luck, and ask me if I can assist you further.
If you have poor credit start repairing it by sending small payments. A poor credit unsecured loan is not the only solution you have. If you have a really valid reason for why your credit is poor some bankers will consider it. For instance, medical bills or a divorce are sometimes taken into discussion. You just have to put it in writing and let them know that you are making payments on all of your current bills.
You may have assets with which to secure a small loan. A car, jewellery, a stereo can all be considered as collateral.
Furthermore, a small bank may be willing to finance you. Big banks have the luxury to turn a lot of borrowers down.
Something to keep in mind is that banks also discriminate borrowers by character, which means that you should sell yourself too. Dress well, speak well, fill in the application completely and without error. Character tells a lot on whether or not you can be trusted.
By admin
November 3rd, 2009 at 12:00am
Under Poor Credit Questions
Question:
Is it possible to someone to refinance with cash immediately if he has poor credit refinance?
I have sufficient income now but I still have poor credit and I wish to refinance my mortgage with cash out. Am I able to do this?
Answers:
I highly doubt it. My husband and I just did that a couple of months ago and our loan officer informed us that they were not even going to look at anybody with scores under 730.
It depends on what you mean by poor credit refinance.
A lot of individuals believe they have really bad credit when it’s not actually that poor. There are still companies out there lending to damaged credit scores though. You need to realize you will pay a very high interest rate, possibly higher than you have right now even though rates are lower.
Another alternative is to go by a poor credit refinance repair company. You will pay a lot for their services as well, and it will only repair your credit for a very short time period (essentially what they do is argue everything in your credit report). It all gets cleared off because companies do not respond within the time period, then you can obtain your loan real fast, but then it will all return back on. A guarantee will never be given and it will not repair your credit permanently.
The best idea for you is to stick with what you have at the moment. As a matter of fact, chances are your house’s value has deteriorated, and probably decreased to the point that getting cash out will not be an alternative anymore. There is not anyone lending up to 100% right now. Many are likely to not even go above 85%. And many lenders will not even consider looking at an appraisal that was performed before and will most likely request a new one. (We will not take appraisals from 2008 even at this moment).
By admin
October 31st, 2009 at 12:00am
Under Poor Credit Questions
Question:
Do most small bank branches offer poor credit secured loans for little items?
Do all bank branches offer secured loans with items such as cars? My checking account is at a small town bank composed of only three branches.
I need five thousand dollars, which is about the blue book value of my car which was paid off in 2003.
I need some cash right away for surgery not covered by insurance. I have poor credit between 595 and 645 and got turned down for all the financing and loans I have sent applications for online. No one in my family is willing to co-sign a loan, except for my mother and father who are retired. However they do not really believe in credit and thus have no credit score. They live minimally but don’t own their own property.
Would anybody know if I’m likely to obtain poor credit secured loans at a small bank with this circumstance, me with solid employment but a poor credit history and offering vehicle title as security, co-signing with a mother and father who have income but no credit history?
Will I be less likely or more likely to get one if I go to a larger bank like Wells Fargo or perhaps Chase?
Also, I’m already working towards repairing my credit rating but it will take quite some time.
Answers:
If you do not have the money to pay for the plastic surgeries, you should not have went for them.
Save money first, then purchase things.
You may find a bank that will give you poor credit secured loans on a vehicle title but will not allow your parents to co-sign.
If they are not going to loan you money without a co-signer, then perhaps wait until you have money for the surgery. If you will get sicker if you wait, the hospital will go through with it on credit and you can pay them back in payments.
Do not allow your parents to co-sign for anything because it is very damaging to them. It may even ruin your relationship with them.
By admin
October 30th, 2009 at 12:00am
Under Poor Credit Questions
Question:
Are there any genuine poor credit lending companies out there for people with bad credit?
Where can I search for legitimate lenders that would be willing to lend money to a borrower with a poor credit history and rating on their files? I have recently been the victim of a greedy ex-spouse that has ruined my credit.
I really do not wish to be vicitmized again by a shady lender locater company.
Answers:
Citi finacial is one suggestion, but the real problem is are there any poor credit lending companies giving loans right now specifically to people with poor credit? The reason is that just because they are not covering it any longer, we are still headed for a big recession.
Many of the lenders are not issuing money to individuals with poor credit and are not practicing poor credit lending unless you own a home or have some other kind of collateral! Why don’t you try to get your credit repaired? Obtain your credit report and point out what items are old, outdated and duplicates and get them taken off by sending letters to the credit bureaus. Then settle on the existing collections that you are not able to get deleted to clear up your credit report. Pay your bills on schedule regularly every month to start repairing your credit report.
If you have a membership at a credit union, go there and tell them your situation and they just might be able to help you while excluding the extra fees and big interest rates.
If you honestly want to protect yourself, try to avoid the internet and go into a respectable bank, explain your circumstances to them and see what they say.
Credit is now tight these days since lenders made too many loans to individuals with questionable credit. Sadly, not everyone with poor credit deserves that label. Best of luck!
By admin
October 21st, 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
October 16th, 2009 at 12:00am
Under Poor Credit Questions
Question:
Can I get a mortgage for poor credit?
I am planning to buy a house, but have a poor credit score of approximately 540. Would anybody know of someone that would finance a first time home buyer with a very low credit score such as mine? I do have a steady job that I have worked at for about three years and make adequate money. I really want to find something with an interest rate of less than ten percent, if possible, but any details would be great. Thank you.
Answers:
Do you think that with your payment record you would loan yourself money? I recommend you keep renting until you get more money and bring your credit score back up.
Poor credit history is a result of a series of late payments, bankruptcy or bills that have not been paid. No matter how poor your credit history is, with a mortgage for poor credit loan, you can easily obtain money to finance your home. This assists you in buying a home, redecorate the house or consolidate your loans. This type of loan brings down your total monthly payment from lower interest charges and liabilities. Since this loan qualifies for tax relief, your tax liability becomes less.
Your best chance would be to go with owner financing. Unless you give a huge down payment, like 20 or 25 percent, even then it might not be done. Renting a place is not that bad.
A score below 580 and you will not be very lucky to find many lenders that are willing to issue you a mortgage for poor credit loan.
You need to work towards bringing your score up. How did your score become this low without any credit card debt? You might have to get a secured credit card and utilize it but pay it back every month just to establish some payment history, which will bring your score back up. Furthermore, pay some additional payments on the car to bring your debt down.
By admin
October 11th, 2009 at 12:00am
Under Poor Credit Questions
Question:
I am planning on being a commercial pilot. I currently have a very poor credit score. Would there happen to be any airline funded training programs?
I am attempting to find ways of being an airline pilot without taking a large loan out with a bank since I have a very poor credit rating at the moment. Would there happen to be any other ways I may fund my training, for example, airline funded programs, etc.?
Answers:
Work while taking flying lessons. I was previously a full time flight attendant and received my ratings through commercial through that method, before getting to be a pilot.
It seems boring, but it is possible and can be done. Perhaps you could live with your parents during your flight lessons. You do not need to necessarily go through a flight school. They are really costly and not really necessary.
If a person says they’ll give you anything for free, they are lying. No flight school is going to pay for someone to fly, because there are too many individuals trying to be pilots. If this is what you actually wish to do, you are going to find a way, even if it involves taking longer to obtain your ratings.
I am also in this same position of having very poor credit.
The Oxford Aviation Academy is offering a scheme funding at the moment. Besides A-levels, it does not seem very selective, but you will not be sure unless you apply.
I am employed by a well known budget airline, in the cabin crew, and they issue sponsorship to long term workers, so I’m doing my PPL modular at the moment to become eligible but I can barely afford it.
Try calling flight schools directly, and also let me know when you locate anything decent. All the best.
As another person had stated, airlines do offer sponsorship programs where recruitments are picked and trained through their rigorous training schools and quickly brought to their ATPL.
By admin
October 7th, 2009 at 12:00am
Under Poor Credit Questions
Question:
Would anyone know where I may get a decent laptop poor credit computer?
I require a computer for college, and it has to also be a computer for gaming. I have bad credit but I still need one as soon as possible. I have tried blue hippo, gateway, hp, compaq, places like that. Does anybody knows of a store that’ll actually accept me? I am not concerned about interest. I just want the payments to be small.
Answers:
You have poor credit (from purchasing things you can’t afford) and you wish to buy something that has small payments. That is just not going to be. Also, you’re going to surely mess up again and mess up your credit rating further. And with this current economy the way it is, everybody is really stingy on loans, even to borrowers with a history of decent credit.
In short, you’re not in a good postion. However, your school has a computer lab that you are able to use for free.
More than probably, you’re going to need to pay it all up front. A number of stores may let you get a computer if you put down a large deposit. However, more than likely you are going to need to purchase it outright. you try to Google “poor credit computer” and check if there are any websites that would help you out, but to be frank, if you’re credit rating isn’t great, it is most likely a better idea to wait until you have the cash to buy it all up front.
I guess you could go to a computer store and check if they have any poor credit computer loans. Why you would want to get one, I am not sure. My computer has a great credit rating.
You can buy a second hand one over eBay for approximately $40. That’s how I bought mine, and it has been quite reliable.
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