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Consolidate Credit To Stop Getting Turned Down

Consolidate Credit To Stop Getting Turned Down

If you have been applying for credit and always being turned down, that is because your credit report has negative information on it. Time to do something about that! Your credit file is the information kept by credit reporting agencies concerning your record of payments to creditors. There are three major credit reporting agencies that perform these services for companies who are interested in finding out how good or bad a risk you are. Whenever you apply for a loan, try to rent an apartment, and even apply for a job, you can be sure your credit report is being looked at. Time to consolidate credit and do something about your personal finances if you have a bad credit report and you get declined for any of these.

Your credit file is built up over the years by the credit reporting agencies that keep track of all of your bills and your bill-paying habits. If you have been in the habit of missing payments, being late, or just forgetting to pay, that will all be in your credit file as marks against your credit. These will result in lower credit scores, and lower credit scores mean you will not have a very good chance of getting a loan, or some other things you might be interested in, such as an apartment or a job. The opposite will also happen: if you are consistently a good payer, you can be sure you will be able to get a car loan, mortgage, credit card line, or just about anything else from a lender.

With so many people filing bankruptcy these days or using debt management programs, the lending companies lose money. So they want to avoid risks with people who may end up in bankruptcy. A bankruptcy ruling will stay on your credit record for ten or fifteen years. Debt management companies help you temporarily, but you are extending your debt and paying more fees, so it is harder to get out of debt.

You do have some protection under the law, but if you have bad credit, you will never really breathe easy until you can completely clean it up. In addition to a negative credit report and low credit number, we are also going to be facing judgments, foreclosures on a home, or repossession of goods, and even perhaps lawsuits. No one wants to risk being homeless and penniless. You know you have to find a way out.

What if you are in a situation where you cannot make a living, such as if you are on welfare or on disability? Look at any option you can to repair your credit. If your car is too expensive, find a cheaper one. If your home is too expensive, you may have to size it down to the one you can afford. Once these big expenses are eliminated, you can start to pay down debt and get your credit report back on track. This is the only way you will stop being turned down for credit.

Get Approved For A Bad Credit Home Improvement Loan

Get Approved For A Bad Credit Home Improvement Loan

Home improvement projects are wonderful, but can quickly become expensive. There are a number of factors that should be taken into consideration when planning home improvements. In some situations, contracting the services of professionals, buying tools and supplies are necessary for completion. There can be a strong inclination to withdraw from your personal savings for home improvements, especially if there is a large repair involved that is an absolute necessity. This can lead to a strain on a family’s financial security. If this is the case, you might want to try to get approved for a bad credit home improvement loan.

Making home improvements are one way to increase the appraisal value of your house. However, if you have a bad credit history, your chances for loan approval will certainly decrease. Banks and other financial lenders take your credit history into consideration when trying to get approved for any type of home improvement loan. The lower your credit score, the more difficulty you will have in obtaining a home improvement loan.

Even though this is not encouraging news, don’t give up just yet! You may still be able to qualify for some types of bad credit home improvement loans. Lenders do exist that are willing to approve home improvement loans for persons with a bad credit history, however, possessing sufficient equity in your home will likely be a major requirement.

Unfortunately, bad credit home improvement loans have higher interest rates. But there is a bright side because if scheduled loan payments are made on time, the credit rating of the borrower will increase provided there are no other negative factors affecting the credit score. After a period of 12 to 24 months of timely payments, you may be able to refinance your bad credit home improvement loan for a lower interest rate.

Here are some excellent tips on ways to get approved for a bad credit home improvement loan and get the lowest possible interest rate for your current credit score:

1. Research

Take time to research your available options. Knowing your options will be a large help when it comes to finding the lowest possible interest rates on a bad credit home improvement loan.

2. Recommendations

Talk to other people who may have gone through the bad credit home loan approval process. Recommendations from friends or co-workers could save you hours worth of your own research time. You may get information from people who have completed the process that you might not learn otherwise.

3. Multiple Lender Quote Comparison

Always get more than one lender quote. You should compare home improvement loan quotations from no less than three or four lenders before attempting to make a decision.

4. Good Rapport

Contact the lenders with which you think you have the best chance of getting approval for a bad credit home loan. Once a good relationship has been established, lenders may be more likely to give you a lower interest rate.

Improving your credit score as much as possible before you apply for a loan is the best way to get approved for a bad credit home improvement loan. Your bad credit home improvement loan should be seen as an opportunity to both increases the value of your home as well as improve your credit score in the future.

Government Credit Repairs

Government Credit Repairs

If you are building a credit history, suffering bad credit, or else your credit is great, there are sources available that will help you maintain credit, repair credit, and build a credit history. If you have bad credit you must at least apply for two loans and be turned down before, the government will consider giving you a loan. Your credit report is not what is important, rather declines are the focus. Government credit is available to help people start a new business, loans for single parents, loans for education, and so on. The government offers loans to special individuals and often has 0% interest or low interest against the loans.

The government also offers grants to assist people in getting back on their feet again and the grants are yours. You do not have to repay the government anything, but you must use the money for what it was applied for. DC recently reported that there are new sources available that make it easy for families and individuals to repair their credit and get back on their feet again. When credit is bad, we have difficulty when applying for a home, car, apartment, credit cards, and so on. We are virtually disregarded in almost all cases. Today private lenders and the government are teaming up to make our economy more productive by helping those in need, including repairing credit.

Other resources are available to help those of us that are re-entering the employment market as well as helping those of us without jobs. There are funds available to those of us with low and high-risk credit scores. If you need a home, consolidate debts, car, or else start up your own business the government and private agencies are waiting to help you along. Reduced loans and free programs are available that will benefit millions in the economy that are suffering from bad credit histories.

Legal Aid is one source available that can help you with the repair of your credit, as well as many other sources and this source is free of charge in almost all cases. If you are paying, high fees to rent an apartment you might want to fill out an application with HUD. HUD pays a certain amount toward your monthly rent each month and you are required to pay the remaining balance. Think of the money you will have left each month to apply toward building your credit history. HUD also has a solution for first-time homebuyers with bad credit.

Under the Homebuyers Bill of Rights allows us the right to purchase a home if we have bad credit. The government resources and private institutes have lowered their Interest Rates to around 5% for homebuyers and extend up to $500,000 for first-time buyers helping them buy a home. The government and private institutes are also offering debt consolidation loans assistance with late payments, people that are starting a new business, and home improvements. Imagine the potentials?

It is often difficult for us when our credit is bad and not knowing where to start to repair our lives is even more frustrating. If you are suffering from bad credit, you might want to check in on a few options available to you that can help you get out of debt. Life does not have to be difficult and all of us make mistakes.

The Fair Credit Reporting Act (FCRA) offers us protection on our credit report. Our privacy, fairness, accuracy, and other laws say that we do have hope. If you are searching for a way to get out of debt you might want to start up your own business. The government has programs specifically for small business owners. The programs will help business owners to finance their business and guarantees loans to those that are creating a plan to support themselves as well as paying their taxes to the government. This is a wonderful solution for getting back on your feet again and getting those creditors off your back.

To find out more about small business loans, check us out. Bad credit is misery, but it does not have to be a force that destroys your life forever.

Having A Bad Credit

Having A Bad Credit

It is very important to understand how your credit affects your ability to make purchases. Bad credit can affect your ability to make major purchases including a home or a vehicle. In some cases, it can prevent you from gaining employment. We have all heard of businesses that tell you it isn’t a problem. However, that is not the reality of the situation. While they might be able to get you financing, you will pay a much higher interest rate due to your records.

Your rating is based on several factors including your payment history, the amount of debt you owe, the possible amount of debt you can incur on revolving accounts, and the length of time you have maintained your accounts. These factors are combined to formulate your score. The maximum credit score possible is 850. The higher your score, the more likely you can obtain credit at a good interest rate.

Low credit scores indicate to lenders that you are high risk. This means it is likely you won’t be able to repay the loan as outlined. You are labeled as having bad credit and generally sent on your way without the loan you wanted.

How do you get bad credit? The most common way is by opening numerous accounts. On your score, they look at the total limit of credit you have available on credit cards and other lines of credit. The closer your actual balance is to the maximum, the worse your credit will look. Paying accounts late also plays a large role in paving the road to gaining this problem.

Unfortunately, this issue is not something you can repair overnight. It takes a conscious effort to make all your payments on time. This often requires making some changes to your spending habits in an effort to reduce your total debt. Take time to think new purchases through. If it is not a necessity, you may want to use those funds to eliminate debt rather than to make a purchase.

If you have to purchase a necessity such as a vehicle, you might find yourself paying very high-interest rates. If that is your only option, it is strongly suggested you pay the loan off as quickly as possible. This will reduce the amount of money you pay overall for interest. Be sure to find out if the loan has a penalty for pre-payment. You will want to shop around for one that doesn’t.

This situation is a strike against you that affects many areas of your financial abilities. Work hard to keep credit card balances low, make your payments on time, and avoid unnecessary purchases you don’t need. Or, you may reach out to us if you need an expert to help you correct your credit. These things will help you stay away from having this problem.

How To Build Up Your Credit

How To Build Up Your Credit

There are many effective ways to build credit. In order to keep creditors from bothering you, and in order for you to get a loan with a reasonable interest rate, you need to learn how to build your credit. The best place to start is to not buy things that you don’t need. If you always make impulse buys, you will find yourself in deeper debt very quickly. And if you have no credit history at all, you must keep that in mind.

Build a good credit if you have bad credit

If you have bad credit, consult one of the many books available written by qualified financial advisors in order to get started on the right path. You can find books like these at your local library. In these books, you will find checklists and step-by-step advice that will help you turn your credit around. There are also guides available at the library that can instruct those in debt on how to write letters to their creditors. Letters are probably a more effective avenue to take rather than communicating by phone since most creditors will not be sympathetic to your situation.

Another value of written communication is that if you should end up in court, the written documentation will be easier to submit. Verbal commitments can be easily denied without written documentation. Any documentation that is relevant to your credit issues should be stored in a secure place. Make copies of any communication with credit agencies (both to and from you), and keep it under lock and key. If you notice any errors on your bills or credit, be sure to contact the correct agencies and dispute and resolve the charges right away.

If you have used your credit card to purchase an item or service and the item you bought was defective, you DO NOT have to make a payment on the charges. You do need to dispute the charges with the service provider that sold you the product. If the proprietor does not exchange the item or reimburse you for it, you have the right to deny payment. Once you have disputed the charges with the proprietor it is then your responsibility to contact your credit card company to dispute the charge.

If you have bad credit and have a credit card, you can use the card to repay your other debts and then make monthly payments on the credit card. Ironically, you are getting out of debt while remaining in debt. In other words, if you use your credit cards to pay other debts, your debt on your credit card will continue to increase. Since credit cards charge significant interest rates, your debt will continue to increase unless you can make significant monthly payments.

No Credit, No problem?

If you think that you do not need credit at all, that is simply not the case.

In today’s world, in order to make any major purchases, it is often a requirement that you have at least one major line of credit. Most lenders will not consider lending money or give credit to someone that has no established credit history. We are expected to establish a credit history when we are young, and if we do not lenders often wonder why, which makes you look like a high risk.

They have no way of knowing your payment record, or if you are able to pay off the debt at all. There are several reasons that lenders will refuse you a loan if you have not established a credit history. The best way to establish good credit is to have a credit card, make your monthly payments on time, and keep your spending under control. Good credit means managing your money each month and paying your bills on time.

How To Deal With A Credit Bureau To Repair Your Credit

How To Deal With A Credit Bureau To Repair Your Credit

Good credit is crucial in today’s economy. Good credit allows you to have credit cards, obtain a car or home loan, and to take advantage of many other money-related conveniences. It is possible to live without good credit, but having a bad credit rating can affect you negatively for the rest of your life. It is crucial to deal with a credit bureau to repair your credit if you need to achieve these conveniences.

You might be surprised to know that only a handful of credit bureaus in North America hold the key to your credit rating, and therefore your financial future. These credit bureaus receive the positive and negative reports issued by your creditors and create your personal credit report and credit score based on the results. If your credit history is poor, it is important to repair your credit so that you don’t get turned down for a mortgage or even a department store credit card. In order to do this, you must first learn how to deal effectively with a credit bureau.

Begin by finding out what credit bureau has your file. This information will be on any rejection letters you may have from a declined credit application. Next, you’ll need to obtain a copy of your credit history. Remember that you are allowed, by law, to obtain a copy of your credit history if you’ve been denied credit, though some organizations might imply otherwise. You should only pay for a credit report if you want an instant copy, rather than to have one mailed to you, in which case a bureau will send you one for a fee.

It is important to remember that a credit bureau is in the business of collecting and selling information. This means that you should never provide them with any information that you are not required to by law unless you want them to use it against you. It is legally necessary for you to provide the following to get a copy of your credit report:

  1. Name
  2. Social Security Number
  3. Legal Address

The credit bureau might request copies of your social security card or your driver’s license. If they ask for a copy of your driver’s license as proof of address, it’s best to provide them with a copy of a bill or something else addressed to you instead. You should be careful when providing credit bureaus information because most own collection agencies and they will use any of the information that you provide to hassle you with the credit and collection issues that you are already trying to fix.

Examine your report closely and note any possible errors. If you have questions about a specific debt, you can mail a written request to the credit bureau that they investigate that particular debt to repair it as soon as possible. Legally, the credit bureau is required to document any discrepancies on your credit report, otherwise, if they don’t do this in 30 days, the entire item must be removed. Most of the credit repair companies out there will charge you fees to perform this service, but you can do it yourself for free with just a little bit of time and effort.

Learning to deal with credit bureaus will allow you to engage in successful credit repair without paying a credit repair company a high fee. When you educate yourself on what the legal obligations are that credit bureaus entail, in many cases, you can effectively repair your own credit just as quickly as a credit repair company.

Need more help to repair your credit score? Get some tips here!

How To Get Rid Of Your Bad Credit In Two Months

How To Get Rid Of Your Bad Credit In Two Months

You were sure that you would get the loan that you applied for, but to your surprise, a bank turned down the loan. The bank explained to you that you have bad credit and you have to get rid of it first before you can apply. Also, they consider your subprime. Subprime means that you have bad credit and a score of less than 620 on the FICO scale/rating. This however doesn’t mean that you can’t apply for loans. There are many lenders and companies who specialize in lending to sub primers.

Ways to get rid of your bad credit in two months:

You can start by checking your credit report. Many times the information that may have been entered is incorrect. If you do find the errors, write to the credit company stating the errors and the corrective action for it.

Ask for your credit scores from Trans Union, Experian, and Equifax. Thus you can know your credit score and devise measures to make it better.

Pay off your loans; even payday loans can become big if you add them up. Control the urge to borrow small, even if it is $20. Just imagine $20 a day means $600 a month.

Use cash to make your purchases; this way you can definitely lessen your credit card debts. Use only one credit card. Too many credit cards mean that you have to also pay annual fees on them. Don’t take cash against your credit cards. The rate of interest on cash loans is very steep. In fact, make payment in full for your credit card purchases. In this way, you wouldn’t have to pay for interest on interest.

Make a budget for all your expenses and then weigh it against your income. If your expenses are more than your income, cut back on the expenses. Otherwise, you will be in debt. This will then affect your credit rating. In return, you will have bad credit.

Following these simple techniques, you will be able to get rid of your bad credit in two months.

How To Wipe Out Bad Credit And Rebuild Your Credit Report

How To Wipe Out Bad Credit And Rebuild Your Credit Report

Most people who have bad credit think there is nothing they can do about it. They mistakenly believe that they have to live with their bad credit for a long time.

You don’t have to live with bad credit or pay hefty fees to have your credit repaired. You can remove bad entries in your report and rebuild your credit profile. You don’t need to spend a fortune to accomplish this. Armed with the right information you will be on your way to rebuilding your credit record.

Credit bureaus are required to delete items that are not 100% accurate or cannot be verified within a reasonable period of time. Also, outdated information must be deleted.

The first step in repairing your credit is to get a copy of your credit report. You need to know what the credit bureaus are saying about you. By law, you can get a copy of your credit report, for a fee. However, if you have been denied credit within the past 60 days, then you can get a credit report at no charge from the credit bureau.

When you receive your report, examine it carefully. Damaging information may appear in your report without your knowledge. Make sure all information is current and accurate. Identify any incorrect or inaccurate information that has been entered into your report. Pay close attention to all the accounts listed on your report. Mistakes happen all the time. Make sure you do not overlook any errors.

You can have damaging information deleted from your credit report. You have the right to dispute incorrect or misleading information on your report.

To do this, complete the dispute form that you received with your credit report and return it to the credit bureau. Be sure to send your dispute letter certified mail, return receipt requested. This will provide you with a paper trail and help you remember when to follow up.

If you dispute an item, it must be reinvestigated and deleted if in the event the item is found to be false or unable to be verified. By law, if the credit bureau does not respond within the allotted time, then the disputed item must be deleted from the report.

Another way to smash negative credit remarks on your credit report is to take advantage of the “100-word consumer statement” which allows you to file a brief statement detailing your side of the story and submit this to the credit bureau, for inclusion in your report.

Once your credit report is updated, you should request that the credit bureau send an updated copy of your report to any businesses that checked your credit within the past six months (or two years if it involves employment).

Now that you’ve removed the negative entries, it’s time to rebuild a good credit report.

One way to add positive information to your report is by taking out a small loan backed by funds in your savings account. When you pay off the loan, your security deposit will be released to you.

You can also build credit by having someone with good credit cosign on a loan for you. This strategy can speed up the process of rebuilding your credit.

Having a secured credit card can help you build or rebuild your credit. To obtain a secured card, you are required to deposit money in a savings account to guarantee the charges. The deposit is frozen and left untouched until it is obvious that you have defaulted. So make sure all your payments reach the company before the due date. Always stay within your credit limit.

If you ever wanted to wipe out your bad credit and rebuild your credit report, now you can. A good credit record can make your life easier and more enjoyable. Take action now.

Massachusetts Mortgage After Bankruptcy – 3 Of The Most Expensive Mistakes You Can Make

Massachusetts Mortgage After Bankruptcy – 3 Of The Most Expensive Mistakes You Can Make

Massachusetts has state laws that prevent predatory lending practices, but when refinancing after bankruptcy, it can still happen.

Everyone makes mistakes, but when it comes to refinancing after bankruptcy, mistakes can get expensive. To make sure you don’t cost yourself any unnecessary hard-earned money, it’s better to learn from some of the errors that other people have made. Here are some of the most common mistakes associated with refinancing a Massachusetts mortgage after bankruptcy:

Not Taking Steps to Repair Credit Before Refinancing

With a low credit score, you are guaranteed to pay more for your Massachusetts mortgage refinance after a bankruptcy. If you can afford to wait for a few months to take the time to repair your credit, you should. You will qualify for much better rates and terms. A lower rate could save you thousands of dollars over the life of your loan.

Choosing the Wrong Lender

Your post-bankruptcy refinance is only as good as the lender you choose to work with. If you get bad rates, bad terms, and bad service, you could pay for it for years to come. Always take time to find the right lender to work with. If you catch a few small ways that the lender has tried to cheat you. If you continue to work with a lender that has been dishonest, you may find after closing that the lender has cheated you more than you thought.

Not Negotiating for Cheaper Closing Costs

Closing costs for Massachusetts refinance loans average $3,143. If you want to pay less than that when closing on your Massachusetts mortgage refinance, you should try to negotiate with your lender to see if you can have certain fees waived. Lenders don’t usually advertise the fact that they will negotiate when it comes to closing costs, but almost all of them will if the borrower brings it up.