Five Things a Person with Bad Credit can Still Do

FIVE THINGS A PEPSON WITH BAD CPEDIT CAN STILL DO NU MBEP GET A MORTGAGE LOAN ONE IF YOU WANT TO GET A MORTGAGE LOAN BUT YOU HAVE BAD CREDIT YOU STILL MAY BE ELIGABLE. FOR PEOPLE IN THIS SUBPRIME SITUATION IT HAS BECOME HARDER THAN EVER TO OBTAIN A LOAN. HOWEVER, IT'S NOT IMPOSSIBLE. HERE ARE SEVERAL IMPORTANT THINGS YOU SHOULD KNOW. CASH SHOW THE BANK YOU ARE SERIOUS. THE MORE CASH YOU PUT DOWN THE BETTER. THIS WILL HELP CONVINCE THE BANK THAT YOU ARE IN THIS FOR THE LONG HAUL. PEOPLE THAT PUT A LARGE AMOUNT OF CASH DOWN ON A HOME ARE LESS LIKELY TO DEFAULT ON THEIR LOAN AND THE BANKS KNOW THIS. PAYMENT HISTORY JUST BECAUSE YOU HAVE MONEY DOESN'T NECESSARILY MEAN YOU WILL PAY ON TIME. YOUR PAYMENT HISTORY IS ALSO A CONSIDERATION BUT YOU CAN BUILD A NONTRADITIONAL CREDIT HISTORY BY PRODUCING COPIES OF CANCELED CHECKS THAT SHOW TIMELY PAYMENTS. CREDIT SCORE CREDIT REPORT REQUEST REPORTS FROM ALL THE MAJOR CREDIT COMPANIES AND REVIEW THEM CAREFULLY FOR ERRORS. IF THERE ARE ERRORS OR INCONSISTENCIES LET THE CREDIT COMPANY KNOW AND REQUEST TO HAVE YOUR RECORD CORRECTED. SUBPRIME LENDERS SUBPRIME LENDERS SPECIALIZE IN WORK- ING WITH PEOPLE WHO HAVE BAD CREDIT. ALTHOUGH MANY SUBPRIME LENDERS (BOTH LEGITIMATE & NOT-SO-LEGITAMITE) HAVE CLOSED UP SHOP IN THESE TRYING ECONOMIC TIMES, THERE ARE STILL SOME GOOD LENDERS OUT THERE. GET REFERENCES AND BE VERY CAREFUL IF YOU DECIDE TO GO THIS ROUTE. NUMBER GET A VEHICLE LOAN TWO EVEN PEOPLE WITH BAD CREDIT CAN BE FINANCED ON BAD CREDIT CAR LOANS. THERE ARE MANY WAYS TO GET A CAR LOAN EVEN WHEN YOU HAVE BAD CREDIT. HERE ARE SEVERAL HELPFUL TIPS TO GET YOU CRUISING IN YOUR NEW CAR. SUFFICIENT INCOME TO GET A CAR LOAN WHEN YOU HAVE BAD CREDIT YOU NEED TO HAVE SUFFICIENT INCOME THAT CAN PAY UP ALL YOUR BILLS INCLUDING ADDITIONAL PAYMENT FOR YOUR BAD CREDIT CAR LOAN, INSURANCE, REPAIRS & MAINTENANCE COSTS. JOB HISTORY MOST LENDERS WOULD LIKE TO SEE THAT YOU'VE HAD YOUR CURRENT JOB FOR AT LEAST A YEAR AND THIS COULD MAKE THEM OVERLOOK YOUR BAD CREDIT HENCE IN- CREASE CHANCES IN APPROVING YOUR BAD CREDIT CAR LOAN. DOWN PAYMENT HAVING A LARGE DOWN PAYMENT WILL ALSO HELP IN GETTING YOUR NEW CAR LOAN. YOUR DOWN PAYMENT WILL DEPEND ON THE CAR MODEL YOU WISH TO BUY. IT COULD RANGE FROM HUNDREDS TO THOUSANDS OF DOLLARS. CREDIT UNIONS CREDIT UNION IF YOU WANT TO HAVE A BETTER CHANCE AT HAVING YOUR BAD CREDIT CAR LOAN APPROVED YOU CAN BE A MEMBER OF A CREDIT UNION. THEIR CREDIT CRITERIA IS OFTEN MORE RELAXED COMPARED TO BANKS AND FINANCE COMPAN IES. THE LONGER YOU HAVE BEEN A MEMBER IN A CREDIT UNION, THE MORE POSITIVE THE RESPONSE IS FOR YOUR CAR LOAN DESPITE A BAD CREDIT RATING. BANK GET A CO-SIGNER IF YOU HAVE ANY FAMILY OR FRIENDS THAT ARE WILLING TO HELP YOU OUT, YOU COULD HAVE THEM BE A CO-SIGNER FOR YOUR LOAN. YOUR CO-SIGNER MUST HAVE A GOOD CREDIT RATING THEMSELF AND MEET ALL THE NECESSARY REQUIREMENTS. NU MBEP GET A BUSINESS LOAN THPE A BUSINESS LOAN MAY SEEM IMPOSSIBLE TO GET WHEN YOU HAVE BAD CREDIT YOURSELF. HOWEVER, THERE ARE CREATIVE WAYS TO HELP GET THE CAPITAL YOU NEED TO START YOUR BUSINESS. BELOW ARE TIPS ON WHAT YOU CAN DO TO GET YOUR BUSINESS GOING. PERSONAL CREDIT Vs. BUSINESS CREDIT IN ORDER TO GET CREDIT FOR YOUR BUSINESS YOU HAVE TO SEPARATE YOUR PERSONAL CREDIT FROM YOUR BUSINESS CREDIT. SMALLER COMMUNITY LENDERS, SPECIALTY LENDERS, AND EQUIPMENT LEASING COMPANIES TEND TO FOCUS ON A COMBINATION OF BUSINESS AND PERSONAL CREDIT SCORES. YOUR BUSINESS CREDIT SCORE IS VERY SIMILAR TO YOUR PERSONAL SCORE WITH THE EXCEPTION THAT IT IS IN NO WAY CONNECTED TO YOUR SOCIAL SECURITY NUMBER. THIS DIFFERENCE CAN HELP YOU GET YOUR BUSINESS THE FINANCING IT NEEDS. BUILD BUSINESS CREDIT WHEN YOU HAVE BAD PERSONAL CREDIT THE ONLY THING LEFT TO DO IS BUILD YOUR BUSI- NESS CREDIT SCORE. AFTER YOU HAVE OB- TAINED A TAX ID NUMBER AND A LEGAL ENTITY FOR YOUR BUSINESS, YOU CAN START BUILDING CREDIT. YOU CAN ALSO OPEN A MERCHANT ACCOUNT TO HELP BUILD CREDIT. SOON YOU'LL BE QUALIFIED FOR VENDOR AND SUPPLIER SMALL CREDIT LINES. THESE SMALL CREDIT LINES CAN THEN BE USED AS FAVOR- ABLE CREDIT HISTORY AND LEVERAGED INTO LARGER LOANS. VISA Masteraru NUMBEP RENT AN APARTMENT APARTMENT COMPLEXES AND LANDLORDS ARE AMONG THE MANY BUSINESSES THAT USE YOUR CREDIT TO DECIDE WHETHER OR NOT TO LET YOU BORROW MONEY OR USE THEIR SERVICES. HERE ARE SOME GREAT THINGS YOU CAN DO TO GET FUUI YOUPSELF IN AN APAPTMENT IF YOU HAVE BAD CPEDIT. AVOID CREDIT CHECK APPROVED A GREAT WAY TO GETTING AN APARTMENT WHEN YOU HAVE BAD CREDIT IS FINDING A LANDLORD THAT DOESN'T DO CREDIT CHECKS. START BY LOOKING ONLINE OR CLASSIFIED LISTINGS. GET RECOMMENDED GETTING SOMEONE TO VOUCH FOR YOUR FINANCIAL RESPONSIBILITY CAN HELP DAMPEN THE EFFECT OF NEGATIVE ENTRIES ON YOUR CREDIT REPORT. CONTACT PREVI- OUS LANDLORDS, YOUR BANK, CURRENT & PREVIOUS EMPLOYERS. PAY OFF ALL YOUR PAST DUE ACCOUNTS AND GET THE CREDI- TOR OR LENDER TO WRITE A LETTER STAT- ING THE ACCOUNT HAS BEEN PAID IN FULL. WRITE YOUR OWN LETTER EXPLAINING THE SITUATION THAT CAUSED YOUR FINANCIAL PROBLEMS TO PERSUADE THE LANDLORD TO RENT TO YOU. GET A CO-SIGNER IF YOU HAVE ANY FAMILY OR FRIENDS THAT ARE WILLING TO HELP YOU OUT, YOU COULD HAVE THEM BE A CO-SIGNER FOR YOUR APPARTMENT. YOUR CO-SIGNER MUST HAVE GOOD CREDIT RATINGS THEMSELF AND MEET ALL THE NECESSARY REQUIREMENTS. KEEP IN MIND THAT IF YOU SKIP OUT ON YOUR RENT OR GET EVICTED FOR ANY REASON, THE LANDLORD CAN LEGALLY GO AFTER THE CO-SIGNER FOR THE VALUE OF THE LEASE. USE OTHER PEOPLE'S CREDIT SPARINGLY AND BE MORE CAREFUL WITH IT THAN YOUR OWN. and 1, and/or vwe, have read and urderstood Tenantis) will be firnancially responsitie County.Caid rv k may be bn Johnso ants herety wae TENANT(S BE PREPAIRED WHETHER YOU'RE ABLE TO GET AROUND THE CREDIT CHECK ALTOGETHER OR YOU GET APPROVED FOR AN APARTMENT DESPITE YOUR CREDIT HISTORY, EXPECT TO PAY MORE MONEY UPFRONT. YOU MIGHT BE RE- QUIRED TO PAY A HIGHER SECURITY DE- POSIT OR SEVERAL MONTHS OF RENT TO MOVE INTO YOUR NEW APARTMENT. IF YOU DON'T HAVE THE BEST CREDIT AND WILL BE MOVING IN THE NEAR FUTURE, START PUT- TING SOME MONEY ASIDE AND BEGIN LOOK- ING FOR A PLACE AS EARLY AS POSSIBLE. THE SOONER YOU START LOOKING, THE MORE TIME YOU'LL HAVE TO PREPARE. NUMBEP GET A CPEDIT CAPD OR MEPCHANT ACCOUNT FOR YOUR BUSINESS FINE THOSE WITH BAD CREDIT HAVE THE FEWEST OPTIONS FOR CREDIT CARDS. THAT'S BECAUSE FEW CREDIT CARD COMPANIES WANT TO TAKE THE RISK OF LOANING A CREDIT CARD THEY MIGHT NOT GET PAID FOR. ALTHOUGH IT MAY BE HARDER, YOU CAN GET A CREDIT CARD OR MERCHANT ACCOUNT WITH BAD CREDIT. GET THE RIGHT CARD THERE ARE SOME CREDIT CARDS AIMED SPE- CIFICALLY AT PEOPLE WHO HAVE BAD CREDIT. WHEN YOU APPLY TO THESE LENDERS THEY DO A "SOFT PULL" OF YOUR CREDIT, WHICH DOES NOT HURT YOUR SCORE, TO DECIDE IF YOU ARE ELIGIBLE FOR A SECURED CREDIT CARD. A SECURED CREDIT CARD REQUIRES A DEPOSIT BEFORE YOU CAN EVEN GET THE CARD CARD. THIS OFTEN TURNS OFF BORROWERS, BUT REMEMBER, A SECURED CREDIT CARD THAT REPORTS TO THE MAJOR BUREAUS IS BETTER THAN HAVING NO CREDIT CARD AT ALL ALSO, MANY SECURED CREDIT CARDS CAN BE CONVERTED TO UNSECURED CREDIT CARDS AFTER A YEAR OF ON-TIME PAYMENTS. AVOID BAD CARDS DEBIT BEWARE OF FEE HARVESTERS OR SUBPRIME CREDIT CARDS THAT CHAPGE HIGH UP- FRONT FEES WHICH TAKE UP UP MOST OF YOUR CREDIT LIMIT. AVOID PREPAID CARDS BECAUSE THESE AREN'T REALLY CREDIT CARDS. PREPAID CARDS REQUIRE YOU TO MAKE A DEPOSIT BEFORE YOU CAN USE IT. PREPAID CARD PURCHASES ARE DEDUCTED FROM YOUR BALANCE. ALSO. THESE CARDS DON'T IMPROVE YOUR CREDIT BECAUSE THEY CAN'T REPORT TO THE MAJOR CREDIT BUREAUS SINCE THEY'RE NOT A CREDIT PRODUCT. GET A MERCHANT ACCOUNT Pre Paid eid ANOTHER WAY TO HELP WITH YOUR CREDIT SCORE, WHICH WILL IN TURN HELP YOU GET A CREDIT CARD IN THE FUTURE, IS TO GET A MERCHANT ACCOUNT. SOME REPUTABLE MERCHANT PROVIDERS LIKE WWW.INSTAMERCHANT.COM REPORT YOUR HISTORY TO THE MAJOR CREDIT BUREAUS, THUS HELPING YOUR CREDIT SCORE. www.INSTAMERCHANT.COm FOR MORE INFO ON OPENING A MERCHANT ACCOUNT VISIT