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Bad Credit Loans: Be Careful!
If you’ve gotten yourself over your head in debt, and suddenly have a need for cash right away, it is possible to get a loan for bad credit. Loans for bad credit will not give you a worse rating if you require a non-bad credit loan later down the...
Credit Card Expenses are Killing Your Budget!
Do you know the costs associated with your credit card? Do your really know? Many people assume they do but aren’t aware of the hidden fees that many credit card companies are charging you month after month. In fact, if you don’t keep a close eye...
Fair Isaac Corporation Credit Or FICO Score
As I am not from the US, I had no idea what FICO meant before researching it. FICO stands for Fair Isaac Corporation, a company based in California. FICO, put simply, is a person's credit score. A credit score can be used by a potential lender in...
SuperCharged Secret 1 of 5 - Credit Card Utopia
I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!
Note: The following is part 1 of a 5 part series. Over the course of these next 5 articles, I am going to introduce you to several methods for maximizing the use and benefits of the best...
The Three Factors of Credit-Worthiness
Between the Internet, well-meaning family and friends, and
know-it-all articles in the print media, it's hard to know where
the facts end and the nonsense begins. Facts are everywhere, but
so are urban legends, hidden agendas, and opinions posing...
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Refinance Your Mortgage To Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through a sub prime lender. To rebuild your credit, make regular payments on your mortgage and other bills. Then after two years, refinance again for lower rates with your now good credit rating.
A Note About Sub Prime Lenders
Sub prime lenders offer B, C, and D credit, which means they offer credit to high risk lenders. For taking on these high-risk loans, sub prime lenders charge slightly higher interest rates and fees.
Some sub prime lenders charge excessively high fees, but you can screen these out by comparing mortgage rates. Online mortgage lenders make this easy with their online quotes and posted rates.
Applying For Refinancing
Applying for refinancing has been made easy with the internet. The first step is to collect several financing offers, and sort through them. Look for low fees and interest rates.
Once you have picked a mortgage lender, fill out the application either online or request an application mailed out to you. Once you have submitted your application, it will be reviewed and processed. You refinancing should be completed in about 6 weeks.
Getting Financing Approval
Getting approval for your refinancing application is a common
concern. While lenders approve more B, C, and D credit loans today, you can also stack factors in your favor. Paying off loans, closing unused credit card accounts, and making regular payments on credit cards and other loans will help. Another step is to put a note in your credit report explaining the reason for past due bills, foreclosures, or bankruptcy.
Rebuilding Your Credit
The next step to rebuilding your credit is to make regular, on time payments on your refinanced mortgage and other bills. Making regular payments is the single fastest way to establish good credit. Make the bill payment easy by setting automatic withdrawals through your bank.
Refinance With Good Credit
After you have established a good credit history, apply again to refinance your home for lower interest rates. If you declared bankruptcy, wait at least two years to refinance. However, if you simply had a series of late payments on your credit, wait a year before researching refinancing options.
About the Author
Carrie Reeder is the owner http://www.abcloanguide.com, an informational website about various types of loans. To view our recommended sources for sub prime mortgage lenders online, visit
this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
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