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Bad Credit Loans - How to Get Credit Online
Bad Credit Loans - How to Get Credit Online 24Hourfinance.co.uk is a leading financial portal enabling UK consumers to find and compare loans, credit cards, mortgages, bank accounts and obtain cheap insurance quotes. Consumers can apply for finance...
Credit Cards and Home Equity Loans – Read the Fine Print
These days, everyone’s lives are burdened with paperwork. With newspapers, magazines, bills, junk mail, and who-knows-what taking up space in their day, few people have time to look at every piece of paper that comes their way. Unfortunately, it’s...
Free Credit Reports - $80 Refunds Due To One Million People
If you were one of the more than one million people who paid for one of those free credit reports, then you are due a refund. Under an agreement with the FTC, consumerinfo.com will be contacting one million previous customers about a refund....
Store cards, credit cards and loans - how to borrow money effectively.
You don't have to have the lifestyle demands of Paris Hilton to need extra money these days. According to Credit Action, the total UK personal debt was 1,122 billion, a growth of about 10.5% over the previous year and in the UK and each adult in the...
Watch Your Credit Cards Or End Up With Bad Credit
If you are not careful with your spending on your credit cards
you could find yourself with bad credit. It is not a good idea
to let yourself develop bad credit these days as it is getting
more and more common for others to check your credit...
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Homeownership Is Still Possible With A Flawed Credit History
Besides lack of a down payment, bad credit is one of the biggest obstacles to homeownership. However, just because you have blemishes on your credit doesn't mean that it has to be a dream deferred. It just means that you need to go into the homebuying process knowledgeable about the challenges you may face.
One of the first things you should do is set a timetable for when you would like to buy a home. Depending on how damaged your credit is, you may want to put off buying a home for another year. Use that time to repair your credit by paying off creditors and create a history of paying your bills on time and consistently.
Next, find out what your credit reports say about you. Consider ordering a credit report from all three of the main credit reporting agencies because not all creditors report information to the same agencies.
Equifax (800-685-1111),
Experian (888-397-3742), and
TransUnion (800-888-4213),
Once you have your report in hand, study it to make sure that the information is accurate. If there are discrepancies, make sure you follow the steps provided by the credit-reporting agency to dispute the information and get it changed. In addition, you may want to add a consumer statement on your credit report to explain any late or non-payment to creditors.
When you’re ready to apply for a loan, realize that your previous credit history may limit your eligibility for prime loans and low interest rates. When lenders are deciding on whether to issue a potential borrower a loan, they use various criteria in addition to payment history to evaluate the borrower such as
employment, income, assets and liabilities.
Based on this evaluation, borrowers are offered loans rated on a scale from A to D. The more damaged your credit history, the higher of a risk you are to lenders.
Because of your blemished credit history, you will more than likely have to get a “sub-prime” loan. These types of loans come with higher interest rates and more points. Don’t assume that just because a lender offers sub-prime loans, that you will automatically be embraced. Be prepared to explain to the lender why you had credit problems and what you’ve done to prevent the situation from occurring in the future.
Don’t feel pressured into going with the first lender willing to make a loan. Doing so may cause you to pay more than you should. Get to know your mortgage market. Shop several lenders, comparing interest rates and fees, to obtain the best loan. Compare loan costs line-by-line for various programs through several prospective lenders. Also keep in mind, that there may be other ways to get a lower interest rate, such as putting down a bigger down payment.
Remember your past financial problems don’t have to stop you from experiencing the joys of homeownership.
Copyright © 2005 FreeHomeBuyingResources.com All Rights Reserved.
About the Author
Jamie Madison is a former Realtor® who provides valuable advice for prospective homeowners. Get insider information when searching for a new home or applying online for mortgage loans. Claim your *FREE* Report – “99 Home-Buying Tips” at http://www.freehomebuyingresources.com
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| The FTC's web site on Credit |
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| Federal Trade Commission - Consumer Credit Center |
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| Springboard - Non-Profit Consumer Credit Management |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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| Credit - Wikipedia, the free encyclopedia |
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| The National Foundation for Credit Counseling |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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