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How To Obtain A Good Credit Score To Fix The Bad Credit - Part 2
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Mortgage loans with bad credit

People think that it is not possible for a person to get mortgages with bad credit. One can get mortgage loans for bad credit but with some little effort. There are many companies who offer mortgages for bad credit. Before you take up a mortgage loan, an expert will explain the various things about it. They are useful but you need to perform 2 things which are:

  • Make a proper plan regardless of the time for the application strategy.
  • Make sure that the credit rating has been improved.

Both the above things are not very hard thing to do. Getting mortgages with bad credit is a best prize and is of a good worth. You need to take a lot of time in planning the essential things and the issues with the loan will be: credit score, financial status and finding the correct deal. The credit score has to be confirmed as well as checked before progressing. There are companies that provide mortgage loans for bad credit or mortgages for bad credit. The first thing to do is to make a down payment in order to secure the affordable mortgage with a bad credit. If the down payment is larger, then the mortgage required will be smaller. If the mortgage sum is lower, then the repayments will be smaller too and therefore the debts will be manageable. Many of the applicants don’t realize that if they seek a maximum amount with bad credit in a mortgage loan, then it is not a good idea. Lenders always look if the applicant has some common sense and are they capable of repaying the loan which they apply for. They also set up an interest rate depending upon the applicant condition. It varies from high to low depending upon the nature of the lender. It is always a good idea to track the lenders who offer best deals and interests. You can check over the Internet and compare various websites. Mostly an online lender will be far better than a traditional lender because they offer less interest rate.

 

It becomes very hard for the borrowers with bad credit to hunt foe new home. Chances are little less that they get a loan from the lender but it’s not that it is not possible. Due to the policies of various traditional lenders like a bank, people find a better alternative and this is why the online mortgage packages have grown to a great extent. They are designed for the people having a bad credit and the loan approval is direct too. It does not incur any kind of cost while getting the mortgage but there are certain things which has to be considered before the loan is approved:

Calculate the mortgage: Most of the people with a bad credit do a mistake by applying for the loan which is not affordable. Every person will want to get a big house but if the income is not enough, then there are more chances for the application being rejected. Hence you need to take a plenty of time in planning so that securing a loan becomes easy.

Large down payment: This criterion plays a very vital role when you take up a mortgage loan that includes a bad credit. When you make a down payment with good sum, then it lessens the mortgage size which in turn a mortgage becomes affordable for a person to pay. Generally the down payment is 5% but you can pay more if you want. The more payment you make for the loan, the more it is easier for you at the end.

Apart from the above things it is vital to choose a lender.It is very important to choose a lender who offers fewer rates. The online lenders are the perfect where you can select from.

Bank loans for bad credit

Obtaining secured loans for bad credit is not an easy task. But yet it is possible. Debtor need to find out the banks that are willing to provide the loans. Even though some of the banks used to offer secured loans one of the best alternative is to improve your bad credit score Asp. In fact most of the borrowers really want to wipe out the negative mark reported to the credit bureaus.

Generally bank accounts for bad credit and secured loans require the borrower to submit the proof for the collateral assets like real estate, business equipment and automobiles. While some other bank loans for bad credit requires a co-signer with the good credit score.

bank accounts for bad credit

So it is advised to the borrower to get a current credit report by placing a request to all the three credit bureaus before you are approaching the banks for secured loans. Three credit bureaus include Trans Union, Equifax and Experian. When you apply for a loan your lender, will assess your credit report to know your credit score, debit to credit ratio, previous payment history remarks, number of inquiries and judgments if any.

Most of the borrowers do not have awareness that each and every time they attempt to get loans one hard inquiry will be reported to 3 credit bureaus. These hard inquiries will not be standing as a barrier to your debit card acquisition but they will notified at times of your employment, utility companies , automobile insurance and home leasing.

Every hard inquiry will appear on credit reports minimum of 2 years. Typically when lenders notices more than 5 hard inquiries there are many chances that your applications of bank loans for bad credit might get denied. One of the best ways to avoid this situation is try to minimize the number of hard inquiries per year to less than 3. If you want to look at your credit report to assess yourself you can get a free credit report from the website AnnualCreditReport.com. If you want to check out every now and then better you can subscribe for the service.

Bank accounts for bad credit is known as secured loans or guaranteed loans. These types of secured loans will not require any credit check. So even if you have slapped with the bad credit score you can still get such types of loans.

But in order to obtain these loans as we stated earlier you can produce a co-signer or security documents or you can get bank accounts for bad credit for some fee. Application fee will cost around £10 – £20. To be frank these are the small fee to get these loans. Reason is you are going to enjoy many benefits even with your bad credit.

Types of financial institutions who are providing the bank loans for bad credit often offer one personal financier to help manage your finances. To say as an example if your salary directly goes in to your current account you can pay the outstanding payments and direct debits from that account itself. Remaining amounts will be transferred to your debit card.

You can find so many financial institutions who are offering the bank accounts for bad credit. Take a list of all those banks and compare the features. Based on your analysis choose your bank. When getting the secured credit cards for bad credit don’t be late in making any payments because here you have a chance to improve your credit score.

Credit card for poor credit score

Bad credit unsecured credit cards

We have wide range of collections for bad credit unsecured credit cards. This type of financial products has gained the more popularity among the borrowers as well as lenders.  As the availability range is great you need to know the best deal to balance your finances in an effective way.

First shop around to find one the best deals at reasonable interest rate. Avoid getting the card that charges you 20% interest rate. Pay more attention for the products that come with more benefits along with dividends.  This type of deal usually sounds good but at some cases it will result with high interest rate.  Instead of getting the free dividend you can pay the actual cost than the extra amount they charge.

credit cards for poor credit

At the same time make sure with the fees amount whether it is affordable.  Check out the monthly fees, annual fees and then balance the transfer fees.  Usually they sky high and at some cases they hide the charges.  It is better to read the offer document with the fine print.

Barrow money with bad credit

You must know the method to barrow money with the bad credit. Borrowing money is divided into two types where the both types are more difficult to get the approval if you have bad credit and unsecured loans. In general unsecured loan for bad credit will result you with high interest rate along with finance charges due to the high risk posed by the borrower.

It is easy to barrow the money with the bad credit for the personal loan, car loan and also in rare circumstance you can avail the home loans. It is easy to avail the car loan as the automobiles act as collateral for the amount you barrow.

Personal loans through online provides you more flexibly along with the easy approval for your credit score requirements. It is easy to get the money through the personnel loan programs.  It is easy to qualify with government ID, current job and checking account.

Credit cards for poor credit

In case of rejection of the credit card application, wait for a moment in case of poor credit score. Highest bad credit card will help you in rebuilding your credit rating where it requires you to pay full amount without interest, but avoid applying for more credit cards as it will result in more rejection application and leads to great damage in the credit scores.

To avoid such condition it is better to check out the file at first stage before you apply.

There are some ways to attain the credit cards with poor credit particularly when you have very poor credit score. You can find more suggestion at online to avail such cards. You can avail some of the online services at minimal amount. But in case of free of cost they will charge you more interest rate.  The best method to find the right deal can be done by comparing the various cards and the custom plans that helps to meet out your requirements. Find the best credit card review site to compare the fees amount and to find the best program to get the credit card for poor credit. Most of the expert says that it is better to make the personal financial decision and read out the financing agreement in carefully manner to avoid the risk. Rebuilding is the better option to avail the credit card from the financial institutions.

 

Get an instant credit report

Instant credit report

It is very helpful for credit rating. At some cases you need to report immediately for the option which you are going to get the instant credit report.  You can gather the information about this credit report through the online due to this reason we can call this as instant credit report. You can avail this service from various websites.  But it will serve you best if you select the appropriate website.

In general you need to check this report when you are in need of loan. Usually the lender will ask you to submit this report where he decides your eligibility by examining this report. Credit report will tell you about the loan patterns and credit card details along with the ratio between your loan and income.  In case of late payment you need to give the brief explanation to your lender about the payment.  In further this report acts as an identity proof as it contains your name, your past and present addresses along with phone number and date of birth, social security number etc.

In early period getting the free instant credit report was difficult. But nowadays it was made so easier due to the advanced technology.

Free instant credit report will contain the one time credit score that represents your creditworthiness. This will show your credit experience between you and your lender and credit companies.  Bureau or the agency will develop the own standard system based on the several aspects and the calculation based on your score rating. If you secure more in your credit score then it will result in less credit scores for your loan.  But incase if your credit score is less then automatically your rental charges for your house, interest rates for credit card and the loan amount will be higher than the normal amount. So it is very import to check your credit report before availing the loan.

Apart from this you need to face the threat posed by the identity thieves where they plan to steal your personal information like bank account number and the credit card number. They usually misuse your credit card number to make purchase out of it.  By using your bank account number they avail the loan from the bank account number on your name. They even misuse your name and the addresses for various purposes.  Unfortunately you will not come to know about these activities unless you check your credit report.  So it is better to view the repot in regular basis. Incase if you find any theft or misuse you can immediately report it to the credit rating bureaus to solve it.

Most of the people were affected by the EPS (empty pocket syndrome). To avoid such condition you need to make use of this free instant credit report where tit monitors your credit report periodically and helps to maintain the clean and clear report.

This free instant credit report will help you to get an idea about availing the loan, where it requires you to maintain good track of record and history to measure the report. It acts as the primary report for the lender to find your eligibility on your repayment and financial capability.

The credit rating is usually calculated on the whole credit history for a year. It is not based on the monthly report. It is great idea to know about your credit score with the help of this report. They denote the credit score by two colors red for the low and green for the high rating.

What is my credit rating?

It is the number that tells the person capability to meet out the financial obligation particularly on the loan repayment. This credit rating is usually done by the leading institutions to examine the borrowers’ credit risk. If the score is high then it will reduce the risk of lender.

Usually the credit score is framed with 3 digit number along with R-rating where it ranges from one to nine based on the creditors past payment record. It is considered as the best rating where it allows paying the bill on time and the R9 is said to be the worst one.  3 digit numbers is considered as an indicator to find the ability of the borrower on his repayment.

Factor that influences the scores

Payment history: if you make the payment on time then you can maintain good credit score.

Credit owed: larger the debt will result in lower score rate

Credit experience

· Credit usage

· Acquisition of new credit

· Types of credit established

What is my credit score and what is the method used for calculation

The calculation method is more complex where it varies from one of the credit bureau to another.  Most widely used system for calculation is FICO system, where it ranges from three hundred to eight hindered and fifty. It is highly risk based system. Credit bureaus have own scoring system where at some cases they combine with the FICO system. Usually the score ranger differs from one system to another where the FICSCO score ranges from the 300 to 850 and the vantage score range from 501 till 900.  This explains that the person can have the different scores based on their system.

How to know the score

You can get the score by paying certain amount to the credit bureau. You can even avail this service at free of cost from some of the companies but it is not safe as you need to submit your personnel information. So it is better to avail the service from the credit bureau as they are genuine.

Purpose of credit score

It is required to examine your capability on repayment if bills. But most of the people use it for employment purpose nowadays.

What is credit check

It is an indicator used to find the financial solvency and capability. It is conducted to find the individual capability on repaying the loan amount. It also reflects on the great extent on the repayment track history of an individual for the past loans taken by him.

What is credit check is the often asked question by the people where the landlords utilize the credit check to examine the capability of their tenant before they rent their premise.  It is also useful for the employer while interviewing the employee for job.

There are three different types of agencies that undergo the credit scoring they are Experian, Equifax and Trans union.

Free credit report

American government has given the rights for every consumer to get the free credit report every year. This law was framed on 2005 September. But after passing the law there was big confusion among the people regarding this law.

Most of the companies provided the free version service by singing in with them, where forget the trail version but the companies started charging them after thirty days. But after few days they found the website AnnualCreditReport. Com to find  out their credit score in yearly basis.

How To Assess My Annual Credit Report

It is quite difficult to understand what is a credit report where it leads to lots of confusion on examining the past activities that happened in a year.  It will be easy for you to understand if you spend some time with patience where it will also help you to protect yourself from the identity theft.

Most of the people ask the question what does my annual report contains in it.  It usually contains the sensitive and private information along with the personal information, credit enquires and the public record.

what is a credit report

Personal Record

Personal information or the details are  the first thing that you will find in your annual report is the basic information like name, date of birth, address and your social security number. It also contains the history about your past job along with the work spot along with the contact numbers. All though it is not important, you need to provide the correct date of birth and the social security number.

Events on the Public Record

All the public events comes under the another section.  In this section it usually contains foreclosures, court disputes and the court liens. The detail provided in this section usually tells about the matter that needs you need to be corrected.

Record of Payment

This is the most important part of the annual report of an individual. The entire credit history will be found here. For any creditor who reports the bureau will include the information like duration of credit, credit amount, credit details, and about the payments made by him.  You need to provide special attention to this section as the undefined creditors and their charges will help you to solve the credit suffering.  In case of inaccurate information you require the documentation to show the inaccurate information to the creditors and credit bureau to get it corrected as soon as possible.

Inquiries about the Credit

This section is the last part of the credit report as it contains the information about every creditor who checked your credit report for past six months. It is also import to recognize each lender who usually verifies your credit   to avoid getting into the hands of wrong person where the unrecognized inquire will result with red color flag.

Credit Score

Sadly the free version will not contain any credit score. However few number of credit agencies provide this option as optional choice for a minor charge.

Get my credit report

Have you tried to find out your credit report in recent period it might be confusing if you try to find it along with the credit scores where some offers you sound information on your requirement but if you have a close look you will find that the information is provided from only one of the credit bureaus.

Most of the people say get my credit report to their assistant where you need to find the both report as well as score then it is better  to refer the 3 major credit bureaus to find all the information at free of cost where it is little tricky. The first step to avail this offer is signing up with the credit monitoring services. You can even find it my searching the term through the online.

Free yearly credit report

There are certain procedures to get the free yearly credit report. The first one is visiting the credit bureau where it is impossible to visit them often. So it is better to use the online services with the help of the internet connection in your personal computer. Applying for the annual report will help you to access the information about the credit.

How To get a free online credit report

The credit score monitoring is an important thing to do because only then you will come to know as to improving the scores and what are the necessary steps to take. You can get your credit report with the credit agencies and there is even free online credit report from where you can achieve it. You might be wondering – what is a credit report? The below is the answer for it:

What is a credit report?

A credit report includes information like: place of work, paying bills on time, residential address, info about if you have been arrested before or not, you have been filed bankruptcy or not, you have been sued or not etc. There are many financial experts who often suggest you to do credit score monitoring so that you will know about your status and the ways to improve them. If you keep checking it, then the process of credit-granting can be enhanced. There are businesses that use this information in order to evaluate the applications for insurance, employment, credit etc. It is very essential that the information which is present in the report is accurate and complete. Whenever you make a request to the banks or financial sectors for loans, the first thing they do is, they get a fresh copy of your credit report from the 3 credit agencies and they check for the worthiness. There are many credit agencies but the 3 main ones are TransUnion, Experian and Equifax. A free online credit report can help you in lot of ways but has its own advantages and disadvantages which are as follows:

Advantages:

  • It is completely secured.
  • It is easy to get accessed to your credit report.
  • You can see the report at any time, if you have an internet connection.
  • You can save the report in a PDF format in your personal computer and take print out later.
  • There is no need to sign up or create an account. All you need to do is to select the country and the 3 credit agencies.
  • A person can just see the credit score at any time. You don’t have to wait for the letter in the mailbox and finally have a look at it. You will know the status well in advance.
  • You can even cancel the account with just few clicks if you feel that you don’t want to use them further.

Disadvantages:

  • The report can be seen only for a limited time period and hence you will have the need to save it.
  • It is free only for the first 30 days, then you will have to pay for the website with an appropriate fee.
  • You will have to pay for the company with the required amount in order to see the report online.
  • You will be getting a free report by the agencies in a year then there is no point in paying extra money in online just to see it before the report arrives at your home.
  • Certain companies might try to offer you with incentives based on your credit report which are not of any worth.

Before you decide to use the online credit reports, you need to be very clear about its advantages and disadvantages. It is very important to have a clean credit when you apply for loans. If you find any mistakes in the reports, you need to rectify them soon so that you can get a clean report. Never give the original documents to the agencies if there is a correction to be made. Send a copy of it with other necessary things required.

 

Credit rating

Credit score play a very vital role in human’s life and the credit score ranges from good, fair to poor. A credit score helps you financially from the banks and other institutions. If you have a poor score then you might be thinking how to fix my credit score. Well the answer to how to fix my credit score is to pay the bills well in advance from the due date and clear all the debts as soon as possible. It is good to remember the sentence “check my credit rating”. There are various score related to a credit and the credit scores explained will help you to know if you are eligible to apply for a loan or not.

How to check my credit rating?

If you want to get a credit card or any kind of loan from the credit companies, then you need to know if there is a worth in your credit. Only if you possess a nice credit you will be able to get loans at less interest rate. You can make use of online calculators to know an approximate value of your credit score. All you need to do is to get the credit reports from the credit agencies: TransUnion, Equifax and Experian. Then you need to enter the values prompted by the online calculator which will be based on the credit reports. In this way it will calculate the score based on the inputs you give. They are not exact but fall in the same range as that of the FICO score. There are various credit scores explained below which gives you an idea about a score being good or bad:

  • 700+: This shows that the score is excellent and even if you apply loans with this score, you qualify instantly with an additional benefit of getting less interest rate on the loan you apply.
  • 680 to 699: This is also a good credit score and higher the score, the better it is. You will be at minimum risk.
  • 620 to 679: This score is considered okay and there are fewer chances for the loan being sanctioned. With this score, you will also get higher interest rate which is a big time disadvantage. Sometimes you might not get qualified to get a loan too.
  • 580 to 619: This is a poor credit score or you can even call it as sub-prime. If you have this score then you will really have a tuff time in getting loans from the banks. Even if you get offers from the banks for loans, the interest rates will be like skyscrapers. You need to work a lot in order to improve your score.
  • 500 to 579: This is categorized as “damaged” score because people possessing this score will come under the category of: bankruptcy, charge-off, foreclosure etc.

You need to remember always that the credit history will increase the ability to get loans and credit cards from banks and other financial sectors. You need to make a habit of checking the credit reports and if in case you find any errors in them, then you need to immediately make a request to the credit agencies to rectify the errors and get a fresh revised report. Apart from contacting them through phone, you will need to write a request later and attach certain residence proofs along with the report in which there is a mistake. You need to be very specific in writing the request letter as to which point the mistake has been made. Once you find the errors, you need to bring them to notice to the credit agencies within 30 days or a month as this can also help you in increasing the credit score.

 

Consolidate credit card debts

You need to learn as to how to consolidate debt or consolidate credit cards so that you improve your credit in the future. There is even credit card consolidation loan offered by many companies in order to remove the burden of debts. Before you decide to take up the credit card consolidation loan on yourself, you need to know as to how to consolidate debt and following are some tips to be considered:

consolidate credit cards

Reason to consolidate: There are many reasons in order to consolidate credit cards and its debts. The main reason is to get better interest rates. It can help you to save a lot of money. You need to see all the interest rates from each of the card and jot them down in the form of a list. Then note down the new rate which is given to you. Make a comparison and if you feel that the new interest rate is lower than the older one, then taking up the consolidation will be a wise option or else do not take up the consolidation. Another reason as to why people take up consolidation is to lead a simple financial life. They do not have to pay multiple bills instead they can concentrate on one single bill. This indeed removes a big head ache and stress.

Which service to use: When you decide to move on with a credit card consolidation, you need the guidance and help of experts who can assist you in correct direction. There are several banks and credit companies who are readily available to help you with your questions and requests. Before you go to them and seek help, you also need to do some research and study on it so that you can get a basic knowledge on it. You also need to be sure that there aren’t any hidden charges with those consolidation plans. If you do some research you can be aware of the things and can help you save better.

Make a choice: If you need to consolidate the debts associated with the credit card, then you need to first look on all the debts in detail. As you have a clear idea about your debts, it becomes simple and easy to contact the professionals and experts to help with the consolidation.

When you use a consolidation company for your credit card debts, then are various advantages behind it which are as follows:

  • Single bill: The Company will be able to pay all your multiple debts under a single bill which in turn you will have to concentrate only on the single loan repayment and not many.
  • Relives stress: The Company who provides consolidation loan will save you from creditor’s calls and other statements. Hence you can be in peace and there will be none disturbing regarding the bill payments.
  • Less interest rate: The Company will negotiate with creditors in order to make you get less interest rate and most of the creditors will agree to it because they will have the desire to get back their little money.
  • Less paperwork: Instead of many statements which you receive form the credit card companies, you will achieve only a single paper and this will save you a lot of time.
  • Credit score improvement: When you make late payments then the credit score decreases and you will get a negative report. Since the company will make all the payments on time, you will also have an enhanced score.

Hence the above things need to be considered before you decide to take up the consolidation loan.

Checking credit score

Checking credit score is very important because only then you will know the status of your credit score and the ways to improve them. One can check the score with the help of a credit score simulator. You might think that – what is a good credit score number? Well the answer to what is a good credit score number is 700 and above. Many people are interested in knowing about the FICO score but still the exact formula for calculating it remains a secret. With the help of a online credit score simulator, you can estimate your score. Once you get the copies of your credit report from the 3 major credit agencies, you can use the score simulator in order to determine the FICO score. But you will have to enter the correct information in it so that you can achieve exact results.

With the help of the online simulator, checking credit score becomes very easy. It gives the user an approximate result based on the inputs entered to it. You need to know that the score result isn’t 100% accurate. When you compare the online result with your actual FICO score, then you will notice that both of them fall in the similar range. You should never take this estimated result to banks to get loans because this online tool is meant only for your personal use. It is designed in a way that user can get an idea about their score. The score simulators will give you proper feedback and the things to do if you have a poor score. The higher score you have, the more good is for you. The score plays a very vital role when you apply for loans. The banks or other financial institutions will first check for your credit worthiness or you are eligible to pay back the loan which they give to you. If you have a good score, then you will be able to get less interest rate for the loan. A credit is determined by the following things:

  • History of payments
  • Credit account type
  • Credit behavior
  • Credit history
  • Debt level

With the above factors, you will be able to know about the number related to the credit score. A credit score that is higher than 650 points means that it is a decent credit. The people possessing this score will be able to get good quality loans from the banks at good interest rates. Even if you have a score ranging from 620 to 650, you can still get loans from banks but you need to provide them additional documents in order to receive the loan. You always need to pay the bills on time, which means that you need to make the payments 3 to 5 days before the due date. This can improve your credit score to a greater extent. The ideal method to pay the bill on time is to use the online tool called “automatic payment enrollment”. It is present with almost all the bill services today. There are lots of benefits in using this tool. The first thing is that, it will save the usage of stamps because you are not going to use a mail service. The second advantage is that there are fewer chances for the payment being lost. The third advantage is that, since it is “green technology”, you will be able to reduce carbon footprint. It will also reduce you a lot of time and effort. Therefore you can use the score simulators for checking the score often and knowing better ways to improve the score.