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Credit Repair and Avoiding Court
If you ever entered a courtroom, you know that the stress elevates, even if you are in the room for someone else. Courts are an automatic source for lifting stress. Moreover, to avoid the courts means we have to abide by laws and pay our debts. ...
Decision Time: Home Equity Loan or Home Equity Line of Credit?
Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and loan portfolios grew 29%, following a torrid 31% growth rate in 2002. With...
How To Get A Bad Credit Student Loan or Student Loan Consolidation To Help Your College Education?
The best time to start getting information about bad credit
student loans and student loan consolidation is your junior year
in high school. In order to determine the exact amount of the
loan that you would require, you should research thoroughly...
So you want to get free airline tickets: Should you get a travel reward or cash back credit card?
Travel or Cash Back Credit Cards? If you want to use a reward credit card for getting free airline tickets, you have a choice of choosing a dedicated airline credit card, a travel reward credit card or a cash back credit card. A dedicated...
The Basics of Finding a Loan for People with Bad Credit
If you've ever tried finding a loan for people with bad credit, you might think that it's impossible. Everywhere you turn, it seems as though there's nothing but rejection to be found. Don't give up, though, because you can find a loan for people...
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Bad Credit Loan and Bad Credit Loans
A bad credit loan will usually carry with it an extremely high interest rate and may require some types of collateral to be pledged as security for the loan. Bad credit loans may also require a co-signer to limit the risk involved with lending money to an individual who has shown poor credit management in the past. There are differences in credit that allow one person to qualify for a bad credit loan, while another is denied. The main difference is whether or not the bad credit is in the past, or current. Those people that have a bad credit history can usually find methods to reestablish their credit utilizing a bad credit loan as a first step.
Those that are in the midst of credit card default, or currently in bankruptcy proceedings may be denied all bad credit loans. Lenders are willing to give all individuals a chance when it comes to reestablishing their credit, however there must be some evidence of responsible credit use to document the change now and in the future of credit behavior. Lenders will still want to check a borrower's credit FICO score. Some lenders will not lend a bad credit loan to borrowers that have a score of 575 or below. Some lenders do not even check credit scores if the borrower has pledged enough collateral to secure the bad credit loan.
Home equity loans are granted, not on credit score, but on the equity in the home pledged as collateral. Bad credit loans can also come in the form of a home equity loan. A bad credit loan borrower can pledge not only their home, but their automobile, their boat, their stocks and bonds, or their life insurance policies (if applicable) as collateral. Most bad credit loans
will require some type of collateral, and all require job stability, consistence, and an income to loan ratio to be sure the borrower can afford to repay the loan.
If a borrower had bad credit due to high balances on credit cards, they may be able to get a loan or a gift from family and friends to pay down the credit cards below 20% of their limit in order to qualify for a bad credit loan, which will in turn pay back the friend or relative. Installment loans such as a bad credit loan, a mortgage, auto, or equity loan actually improve one's credit because they show fixed payment amounts paid regularly. Too many revolving accounts, such as credit cards, with varying balances tend to lower a borrowers credit score for receiving bad credit loans. Getting debt down should be the goal. Having no debt is ideal. In the Bible in Romans 13:8 it says "Owe no man anything". If God doesn't want his children to be choked with debt, why should His children want it for themselves?
For more information about bad credit loan and bad credit loans, visit:
http://loans.christianet.com
http://loans.christianet.com/articles.htm
http://www.christianet.com
About the Author
Christian N,
http://www.ChristiaNet.com
http://blogs.christianet.com
Featuring numerous life application articles and tips.
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