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Martin's Guide To The Financial World

Bad Credit Loans

 

 
 
 
 
 

Bad Credit Loans

Lets face it: Bad things can happen to good people. You might have never thought that one day you’d have a poor credit score and then life just doesn’t go your way. Before you know it, many financial institutions consider you a high risk. You will not be able to obtain a loan and hence you have no chance to buy a home or a car or whatever you need.

On this page I would like to suggest a few things you can do to prevent getting a band score and how you can improve it after you have had trouble.

Most people don’t know their credit score in the first place. For most individuals their credit reports are not that important. But if you suddenly get turned down for a credit card or a loan, you may want to check it. Oftentimes your score may be bad due to an error in the report or due to somebody filing a fake complaint about you just to cause you trouble.

Improving your credit score is essential to obtaining a loan. There are institutions and individuals who will lend money to high risk clients, but the Interest rates will inevitably be much higher. Also there are a lot of “loan sharks” around with which I would never do any business. You should also beware of them. Do get your loan through an accredited institution. There are even consumer agencies around who may be able to help you find one.

The first step in building a credit history usually means trying to get a credit card. Most card issuers will give cards to people with bad credit ratings. These cards will most likely have a very low limit, often less than $100. Also there is usually no grace period meaning that you pay interest right away or very soon after your purchases. It is absolutely essential that you pay off your card every term (usually once per month). The card issuer will report this to the credit bureaus and eventually may raise your limit.

As your rating improves you may be able to get better conditions for credit cards and you can also start taking out smaller loans if needed. One thing you have to keep in mind is that once you have had a low credit score you are under higher scrutiny. While a missed payment would normally not hurt too much, it will affect you very badly and may completely destroy all the progress you have made.

It will take several years of discipline and care until you will be “washed clean” of your past mistakes or the bad luck that may have hit you without your fault. But it’s worth the effort. Eventually you will be able to buy that car or that house you really want. So start building your credit score right now. But beware of offers that just simply look too good to be true. Usually they are and there are a large number of crooks out there who are feeding off people like you. If you are not sure, better be very careful.

Good Luck!


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