Instructions
Things You'll Need:
* Financial Calculator
* Credit Counseling Services
* Credit Reports
* Secured Credit Cards
Step 1
Pay all of your bills on time. Late payments (payments that are 30 days late or more) have a negative effect on your credit rating.
Step 2
Reduce the number of credit cards you carry. Write to your creditors to request that they close your accounts and report this status change to all three credit-reporting agencies.
Step 3
Avoid bankruptcies, tax liens (a lien for not paying state or federal income taxes or property taxes) and collections. A bankruptcy stays on your credit report for up to 10 years. Collection accounts and paid tax liens stay on for seven years, and unpaid tax liens will haunt you forever.
Step 4
Request in writing that your creditors reduce the credit limits on your accounts to lower your amount of available credit. The total amount of available credit is considered by lenders even if you owe nothing.
Step 5
Ask a family member or friend to co-sign on a small loan or credit card to help you re-establish credit. Make your payments on time.
Step 6
Get a secured credit card to help reestablish your credit. You will have to keep a designated amount of money in an account that will be sufficient to cover your charges. Make payments on time.
Step 7
Get a yearly copy of your credit report to catch any errors (see 'eHow to Obtain a Copy of Your Credit Report').
Tuesday, July 28, 2009
Tuesday, July 14, 2009
How to Refinance With Bad Credit to Stop Foreclosure
It is difficult for anyone to refinance to stop foreclosure. It is going to be even more difficult to refinance when you have bad credit and want to stop foreclosure. A bit of perseverance and determination can help along with the following options
Instructions
Things You'll Need:
* Financial documentation such as tax receipts, proof of employment
Step 1
Contact the lender who holds your current mortgage. Attempt to negotiate new terms for your mortgage. Ask for forbearance or a temporary stay for your payments. Some lenders will allow this if you can show that you will be able to pay later. Ask if the loan can undergo modification to create smaller, more affordable monthly payments. If you can show the lender that you have a source of income sufficient enough to meet the payments, you might be able to persuade him to accommodate you. You might have bad credit, but if you also have an income, there is still hope that you can stop foreclosure.
Step 2
Borrow enough money to make at least one mortgage payment and then make the payment. This provides your lender with proof that you are serious about paying back the money you owe. It makes you look more responsible and earnest.
Step 3
Check into a partial claim through the FHA-insurance fund if you have an FHA mortgage. A partial claim through the fund allows for a one-time payment of the mortgage payments that are in arrears. This allows you to start out on a level playing field since you are paid up to date on your mortgage and it will make it easier to refinance.
Step 4
Get a co-signer if possible for the refinanced loan. Most lenders will look favorably on this. However, it might be difficult to do since it places the co-signer at risk for the balance of the loan should you default on it.
Step 5
Contact subprime lenders who specialize in borrowers with bad credit. You might pay higher interest rates and fees, but at least the funding is available and you might be able to stop your foreclosure.
Tips & Warnings
*
Stop accumulating more debt when you are attempting to finance.
*
Make sure that the lender you select is legitimate. Check out his references and/or credentials.
Instructions
Things You'll Need:
* Financial documentation such as tax receipts, proof of employment
Step 1
Contact the lender who holds your current mortgage. Attempt to negotiate new terms for your mortgage. Ask for forbearance or a temporary stay for your payments. Some lenders will allow this if you can show that you will be able to pay later. Ask if the loan can undergo modification to create smaller, more affordable monthly payments. If you can show the lender that you have a source of income sufficient enough to meet the payments, you might be able to persuade him to accommodate you. You might have bad credit, but if you also have an income, there is still hope that you can stop foreclosure.
Step 2
Borrow enough money to make at least one mortgage payment and then make the payment. This provides your lender with proof that you are serious about paying back the money you owe. It makes you look more responsible and earnest.
Step 3
Check into a partial claim through the FHA-insurance fund if you have an FHA mortgage. A partial claim through the fund allows for a one-time payment of the mortgage payments that are in arrears. This allows you to start out on a level playing field since you are paid up to date on your mortgage and it will make it easier to refinance.
Step 4
Get a co-signer if possible for the refinanced loan. Most lenders will look favorably on this. However, it might be difficult to do since it places the co-signer at risk for the balance of the loan should you default on it.
Step 5
Contact subprime lenders who specialize in borrowers with bad credit. You might pay higher interest rates and fees, but at least the funding is available and you might be able to stop your foreclosure.
Tips & Warnings
*
Stop accumulating more debt when you are attempting to finance.
*
Make sure that the lender you select is legitimate. Check out his references and/or credentials.
Wednesday, July 8, 2009
How to Get a Bad Credit Auto Loan
If you are searching for a auto loan then one of the first thing a lender is going to look at is your credit score to determine how much of a rate you will have. If you have bad credit then there are many options for you but the rate will be higher but you may be able to refinance at a later time.
Instructions
Step 1
First you need to go shopping for the car that you want so that you know what the total cost of the vehicle will be.
Step 2
Secondly you need to talk with a lender who is separate form the dealer so that you can find a bad credit loan at the best rate possible. This is usually better found form a lender not associated with the dealership.
Step 3
Finally it is important to know that you can always improve your credit and refinance you car at a lower rate of interest.
Instructions
Step 1
First you need to go shopping for the car that you want so that you know what the total cost of the vehicle will be.
Step 2
Secondly you need to talk with a lender who is separate form the dealer so that you can find a bad credit loan at the best rate possible. This is usually better found form a lender not associated with the dealership.
Step 3
Finally it is important to know that you can always improve your credit and refinance you car at a lower rate of interest.
Sunday, July 5, 2009
How to Get A Car Loan With Bad Credit
Tips on getting a car loan with bad credit and what most car dealers will not tell you.
Instructions
Things You'll Need:
* Job
* Bank Account
* Drivers License
* 6 References
* Phone Bill
* Electric Bill
* Down Payment
* Co-Signor (possibly)
* Car Insurance
*********Useful Link******
Get Up to $25,000 For Your Bad Credit Car Loan - Guaranteed!
Bad Credit Personal Loans - Free Cash Gov Grants
*****************************
Step 1
The first step in getting a car loan with bad credit is to be realistic. Many car shoppers get frustrated when trying to find a car with bad credit because expectations are set too high with respect to how much money a bank will lend them.
Also, keep in mind that when buying a car with bad or poor credit that some car dealerships will hold paper or finance the vehicle for you.
Lastly, very seldom will a dealership let someone with bad credit finance a new or used car with no money down or a zero deposit.
Step 2
Seek out car dealerships ( http://airportautogroup.com ) that specialize in bad credit poor credit financing. The banks and lenders these dealerships work with are better prepared to help poor credit - bad credit car shoppers. They may also be more flexible with regard to down payment and requirements than traditional banks.
On the down side, expect to pay a higher interest rate for a bad credit car loan than a shopper with great credit. One site you can visit with a large lender network is http://1800getacar.com
Step 3
Once you've located a car dealer you want to work with they will ask you to bring in copies of a paycheck, drivers license, electric bill, phone bill, or other bill that validates employment and your residential address.
In addition to these items you'll need copies of a bank statement, car insurance, and personal references. In some cases with car shoppers that do not have a personal checking account, some lenders will accept a debit card account.
Step 4
Once you bring all the required information to the car dealer start looking at some cars while they work on financing. Most lenders want you in the store and may want to talk with you briefly. Be up front with the amount of down payment you can really afford.
Once the lender and dealer determine your lending level you can finalize or narrow down your car choices and interest rate.
Step 5
Don't be alarmed at the initial interest rate. Many times a car dealer and lender can put you into a program that will allow you to refinance your car after 12-24 months at a lower interest rate. This will also allow you to start establishing or rebuilding your credit.
Step 6
In closing, remember, be realistic with your expectations, and stay away from dealerships that claim they can get you into a car with zero down and zero out of pocket. Ask for references of other bad credit customers they have helped.
Additionally, if you have bad credit or poor credit, the last thing you need is another debt or payment you cannot handle.
Tips & Warnings
*
This article is not intended to offer or provide legal advice. If you have questions regarding finance, lease, contracts please seek the advice or council of an attorney.
*
BE REALISTIC
*
Be Flexible
*
Be Honest
Instructions
Things You'll Need:
* Job
* Bank Account
* Drivers License
* 6 References
* Phone Bill
* Electric Bill
* Down Payment
* Co-Signor (possibly)
* Car Insurance
*********Useful Link******
Get Up to $25,000 For Your Bad Credit Car Loan - Guaranteed!
Bad Credit Personal Loans - Free Cash Gov Grants
*****************************
Step 1
The first step in getting a car loan with bad credit is to be realistic. Many car shoppers get frustrated when trying to find a car with bad credit because expectations are set too high with respect to how much money a bank will lend them.
Also, keep in mind that when buying a car with bad or poor credit that some car dealerships will hold paper or finance the vehicle for you.
Lastly, very seldom will a dealership let someone with bad credit finance a new or used car with no money down or a zero deposit.
Step 2
Seek out car dealerships ( http://airportautogroup.com ) that specialize in bad credit poor credit financing. The banks and lenders these dealerships work with are better prepared to help poor credit - bad credit car shoppers. They may also be more flexible with regard to down payment and requirements than traditional banks.
On the down side, expect to pay a higher interest rate for a bad credit car loan than a shopper with great credit. One site you can visit with a large lender network is http://1800getacar.com
Step 3
Once you've located a car dealer you want to work with they will ask you to bring in copies of a paycheck, drivers license, electric bill, phone bill, or other bill that validates employment and your residential address.
In addition to these items you'll need copies of a bank statement, car insurance, and personal references. In some cases with car shoppers that do not have a personal checking account, some lenders will accept a debit card account.
Step 4
Once you bring all the required information to the car dealer start looking at some cars while they work on financing. Most lenders want you in the store and may want to talk with you briefly. Be up front with the amount of down payment you can really afford.
Once the lender and dealer determine your lending level you can finalize or narrow down your car choices and interest rate.
Step 5
Don't be alarmed at the initial interest rate. Many times a car dealer and lender can put you into a program that will allow you to refinance your car after 12-24 months at a lower interest rate. This will also allow you to start establishing or rebuilding your credit.
Step 6
In closing, remember, be realistic with your expectations, and stay away from dealerships that claim they can get you into a car with zero down and zero out of pocket. Ask for references of other bad credit customers they have helped.
Additionally, if you have bad credit or poor credit, the last thing you need is another debt or payment you cannot handle.
Tips & Warnings
*
This article is not intended to offer or provide legal advice. If you have questions regarding finance, lease, contracts please seek the advice or council of an attorney.
*
BE REALISTIC
*
Be Flexible
*
Be Honest
Thursday, July 2, 2009
How to Refinance a Car Loan With Negative Equity
There are a few steps to doing this, sometimes it can be hard to get this done and sometimes easy to get this done, if your trying to refinance a car that has negative equity, and your credit is good this should be no problem for you, if your credit is bad this will be quite difficult.
Instructions
Things You'll Need:
* Credit
* know how long you want to pay on the car
* know how old the car is
* have a bank, or credit union in mind
* have a car dealership in mind
Step 1
The first step in this process is going to a site that lists values of your car such as kelly blue book. You need to know how much negative equity you have in your car before you actually start the process, banks and credit unions alike will look at this as a factor or refinance.
Step 2
After determining what your car is worth you have to determine how long you are willing to pay on the car the longer you refinance for the larger your interest rate will usually be not much but even .5% makes a big difference in a car payment and the amount of interest that you will pay. you usually can refinance anywhere from 24-72 months depending on the age of your car and what's left to pay.
Step 3
Contact your bank, or Credit union and let them know what you would like to do for a refinance on your car sometimes they will work with you others they won't really work with you. Most of the time if you have a good credit score they will be more then happy to work with you.
Step 4
After you have refinanced your vehicle your set, there shouldn't be much more that you would have to do on your part, though if a bank does not want to refinance and you don't owe to much negative equity on your car you might want to go to a dealership.
Step 5
If you don't have to much negative equity on your car you can trade it in for a newer car, the dealership will buy the car from your bank, and more often then not give you a newer car, this could either increase or decrease your payment depending on how new of a car you were to get, and how expensive of a car you bought. This should be a last resort seeing that dealerships give you substantially less then what your car is worth and you will have more negative equity on your new car.
Tips & Warnings
*
Know what your credit score is
*
Try and use a credit union they usually offer lower interest rates, but sometimes are harder to get qualified for a loan through
*
Try to get a lower amount of months if you can afford the refinance this will save you money in the long run
*
Don't refinance more then you currently can afford to pay the car off faster
*
Don't refinance for an interest rate more then 1pt higher then your current rate
*
Do a little bit of shopping don't choose the first bank that you ask, most people bank with 2-3 different institutions.
Instructions
Things You'll Need:
* Credit
* know how long you want to pay on the car
* know how old the car is
* have a bank, or credit union in mind
* have a car dealership in mind
Step 1
The first step in this process is going to a site that lists values of your car such as kelly blue book. You need to know how much negative equity you have in your car before you actually start the process, banks and credit unions alike will look at this as a factor or refinance.
Step 2
After determining what your car is worth you have to determine how long you are willing to pay on the car the longer you refinance for the larger your interest rate will usually be not much but even .5% makes a big difference in a car payment and the amount of interest that you will pay. you usually can refinance anywhere from 24-72 months depending on the age of your car and what's left to pay.
Step 3
Contact your bank, or Credit union and let them know what you would like to do for a refinance on your car sometimes they will work with you others they won't really work with you. Most of the time if you have a good credit score they will be more then happy to work with you.
Step 4
After you have refinanced your vehicle your set, there shouldn't be much more that you would have to do on your part, though if a bank does not want to refinance and you don't owe to much negative equity on your car you might want to go to a dealership.
Step 5
If you don't have to much negative equity on your car you can trade it in for a newer car, the dealership will buy the car from your bank, and more often then not give you a newer car, this could either increase or decrease your payment depending on how new of a car you were to get, and how expensive of a car you bought. This should be a last resort seeing that dealerships give you substantially less then what your car is worth and you will have more negative equity on your new car.
Tips & Warnings
*
Know what your credit score is
*
Try and use a credit union they usually offer lower interest rates, but sometimes are harder to get qualified for a loan through
*
Try to get a lower amount of months if you can afford the refinance this will save you money in the long run
*
Don't refinance more then you currently can afford to pay the car off faster
*
Don't refinance for an interest rate more then 1pt higher then your current rate
*
Do a little bit of shopping don't choose the first bank that you ask, most people bank with 2-3 different institutions.
Wednesday, July 1, 2009
How to Refinance a Car Loan with Bad Credit
It's possible to get a car loan with bad credit. Unfortunately, you won't get the best interest rate or terms. However, there's always the option of an auto loan refinance in the future. A refinance with bad credit can increase/decrease your loan term or reduce your interest rate.
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Step 1
Contact the auto lender and check your loan balance. Before you can refinance an auto loan with bad credit, you'll need to know the actual loan balance. Call your lender and speak with a customer service representative. This information is also available on your most recent statement.
Step 2
Determine how much your vehicle is worth. To qualify for a bad credit refinance, your vehicle's worth must be more than the amount you owe. The official Kelley Blue Book (see Resources below) can provide information on used car values.
Step 3
Maintain a good payment history with your auto lender. If you habitually submit late payments to your auto lender, a refinance may be impossible. Although auto lenders approve bad credit borrowers, they're less likely to approve your refinance application if you have a history of skipped or missed car loan payments.
Step 4
Look for a sub-prime auto loan lender. If you have bad credit, stay away from prime lenders. Instead, research different sub-prime or high-risk auto lenders. These lenders specialize in bad credit refinances, and they have access to several types of loans.
Step 5
Compare interest rates and terms. It's important for bad credit applicants to compare rates and terms. Some lenders purposely inflate the interest rate, which can create an upside-down car loan. Contact at least three sub-prime auto lenders.
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Step 1
Contact the auto lender and check your loan balance. Before you can refinance an auto loan with bad credit, you'll need to know the actual loan balance. Call your lender and speak with a customer service representative. This information is also available on your most recent statement.
Step 2
Determine how much your vehicle is worth. To qualify for a bad credit refinance, your vehicle's worth must be more than the amount you owe. The official Kelley Blue Book (see Resources below) can provide information on used car values.
Step 3
Maintain a good payment history with your auto lender. If you habitually submit late payments to your auto lender, a refinance may be impossible. Although auto lenders approve bad credit borrowers, they're less likely to approve your refinance application if you have a history of skipped or missed car loan payments.
Step 4
Look for a sub-prime auto loan lender. If you have bad credit, stay away from prime lenders. Instead, research different sub-prime or high-risk auto lenders. These lenders specialize in bad credit refinances, and they have access to several types of loans.
Step 5
Compare interest rates and terms. It's important for bad credit applicants to compare rates and terms. Some lenders purposely inflate the interest rate, which can create an upside-down car loan. Contact at least three sub-prime auto lenders.
Tuesday, June 30, 2009
How to Refinance a House With Bad Credit
mortgage refinance creates a new home loan. This is ideal for anyone who wants to change the terms of their existing mortgage loan. Individuals who refinance can obtain a lower interest rate or extend their mortgage term, which can reduce monthly payments and ease financial burdens. And the best part---because the home secures the loan, you can get approved for a refinance with bad credit.
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Things You'll Need:
* Closing costs Mortgage lender
Step 1
Determine your purpose. Refinances are beneficial for several reasons, and before submitting your application, determine your objective. Some people refinance with the purpose of converting their interest-only home loan or adjustable rate mortgage into a fixed rate; whereas others want to obtain a lower interest rate and reduce their monthly payment. Then again, some homeowners with bad credit need cash to pay off debts, and they choose a cash-out refinance.
Step 2
Save money for mortgage-related fees. Because a refinance creates a new home loan, you'll have to pay mortgage-related fees such as application fee, credit report fee, appraisal and settlement fees. Some mortgage lenders wrap these fees into the new home loan. This maneuver increases the mortgage balance. Nevertheless, it's an option for cash-strapped applicants.
Step 3
Contact your existing lender. If you have bad credit, consider refinancing with your current mortgage lender---especially if you've maintained an excellent payment history. They may overlook negative remarks on your credit report. Additionally, your current lender may waive a few fees, which can lower your settlement costs.
Step 4
Talk with other lenders. Although your current lender may be prepared to offer you a new home loan, it doesn't hurt to explore all your options. Shop around and obtain quotes from 3 or 4 different mortgage lenders. These lenders may offer a better rate and terms. If possible, use a mortgage broker. They can recommend different loan programs and connect you with mortgage lenders who offer bad credit refinances.
Tips & Warnings
*
If you can't qualify for a refinance, talk to your lender about a mortgage modification. This provision alters the terms of your existing mortgage loan without refinancing.
Get A Guaranteed Bad Credit Loans Up to $25,000 To Refinance Your House - Click Here!
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Things You'll Need:
* Closing costs Mortgage lender
Step 1
Determine your purpose. Refinances are beneficial for several reasons, and before submitting your application, determine your objective. Some people refinance with the purpose of converting their interest-only home loan or adjustable rate mortgage into a fixed rate; whereas others want to obtain a lower interest rate and reduce their monthly payment. Then again, some homeowners with bad credit need cash to pay off debts, and they choose a cash-out refinance.
Step 2
Save money for mortgage-related fees. Because a refinance creates a new home loan, you'll have to pay mortgage-related fees such as application fee, credit report fee, appraisal and settlement fees. Some mortgage lenders wrap these fees into the new home loan. This maneuver increases the mortgage balance. Nevertheless, it's an option for cash-strapped applicants.
Step 3
Contact your existing lender. If you have bad credit, consider refinancing with your current mortgage lender---especially if you've maintained an excellent payment history. They may overlook negative remarks on your credit report. Additionally, your current lender may waive a few fees, which can lower your settlement costs.
Step 4
Talk with other lenders. Although your current lender may be prepared to offer you a new home loan, it doesn't hurt to explore all your options. Shop around and obtain quotes from 3 or 4 different mortgage lenders. These lenders may offer a better rate and terms. If possible, use a mortgage broker. They can recommend different loan programs and connect you with mortgage lenders who offer bad credit refinances.
Tips & Warnings
*
If you can't qualify for a refinance, talk to your lender about a mortgage modification. This provision alters the terms of your existing mortgage loan without refinancing.
Get A Guaranteed Bad Credit Loans Up to $25,000 To Refinance Your House - Click Here!
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