Poor Credit Lenders

Posted by admin on August 16th, 2009 at 12:00am

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.

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