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Advantages of Using Credit Cards Instead of Cash
There are many evils associated with credit cards, but there are benefits that are hard to ignore. One benefit is having the credit card company act in your behalf to recover funds from a disputed transaction. Under the Fair Credit Billing Act the...
Building Credit Ideas
There are several ways that we can build credit. If you are
tired of collectors hounding you, or if you are frustrated that
no one will loan you money because you never had credit, it is
time to learn how to build your credit. First, and...
Credit Reports - Errors Can Be Costly
In today's society, we can't function without credit. We need it to pay bills, borrow money, and to buy our homes and cars. A luxury of the current age is that credit is often granted easily and quickly, a result of years of automation and refining...
How I Raised My Credit Score 40 Points in 24hrs. and Saved $658 Month in Interest
It's never easy to talk about credit. Not with friends, not with family, not online, and, most of all, not with myself. Yes, I let a monthly payment go by here and there. I've maxed out my share of credit cards. I've bought cars that I really...
The Truth About Prepaid Credit Cards
Prepaid credit cards have been around for over ten years now, although they are just now coming into the spotlight. Prepaid credit cards are basically credit cards backed by major credit card
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A Guide to Getting Bad Credit Home Improvement Loans
You might be wanting to look into bad credit home improvement loans but are unsure of where to start. After all, how do you get a good loan when your credit isn't the greatest?
What you probably don't realize is that there are a number of lenders who offer bad credit home improvement loans, which use the equity of your home or other real estate to determine the amount of the loan with no additional collateral needed.
These bad credit home improvement loans can be used to make repairs to your home or real estate, or they can finance expansions, new buildings, or any of a number of home improvement projects.
The key to getting these loans is knowing where apply and what they're looking at once you do.
Finding places to apply
A variety of banks, finance companies, and other lenders offer various bad credit home improvement loans.
Many of these lenders advertise this fact with print, television, and radio ads… however, the ones with the flashier ads will often have you paying for their advertising costs with extra fees and higher interest rates.
The best place to start looking for bad credit home improvement loans is the bank or credit union where you have previous accounts… cheques, savings, or even other loans.
Since you're a repeat customer, you might even get a reduced interest rate. Don't take the first offer that you get, though, unless you're certain that you won't be able to beat it elsewhere.
Get at least four or five different quotes for bad credit home improvement loans before deciding on one so that you can make the most informed decision.
Borrowing against equity
Bad credit home improvement loans base the amount that you
borrow off of the equity of your home or real estate, which is the amount of the mortgage or home loan that you've paid off. 100% equity means that you own the home or real estate completely, whereas 30% equity means that a bank or lender has a lien or legal claim to it and you've only paid off 30% of the money that you borrowed to purchase it.
The more equity you have in your home the larger the amount you'll be eligible for when you apply for bad credit home improvement loans, and may also cause you to have lower interest rates if the equity is high in comparison to the loan amount you're requesting.
Three month credit repair
Having bad credit can be a stigma that can take years to get rid of, but in some cases the effects of your efforts can be seen in as little as three months.
Begin trying to pay off as much of your outstanding debt several months before you begin shopping for loans, making sure to make all of your payments on time. This will create a small bubble of positive reports in your credit history, which some potential lenders will see as a sign that you're making an effort to turn your finances around.
It's a good idea to start at least three months beforehand, since some creditors only report quarterly… plus, it gives you three months worth of debt reduction which is a boon regardless of everything else.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
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