Wednesday, June 23
Shadow

Tag: bad credit

Late Payments, Credit Scores and Credit Reports

Home Loans By State
A missed credit card or loan payment can have a seriously detrimental effect on your credit report. The golden rule of using a credit card is to make your payments on time every time, building a respectable payment history, avoiding debt, and keeping your creditor happy. But what happens when you fall behind with your monthly payments; what happens when you miss a single loan or credit card payment as a result of a mistake, an oversight or a lack of funds? How will your creditor react, how quickly will the credit reporting agencies find out, and what options do you have for getting back on your feet? How Late Payments Affect Your Credit Score A late payment can reduce your credit score significantly and remain on your report for 7 years. It won’t impact your score throughout that time a...

6 Damaging Side Effects of Having a Bad Credit Score

Home Loans By State
As you make another large purchase against your credit card, inching closer towards maxing out, you might not realize the negative ramifications this activity will have on your credit score. The same goes for making the odd late payment on your hydro bill or car loan payment. Mounting debt that is not paid off in time or in full can have a major impact on your credit score. A bad credit score can have more negative consequences than you may think So what’s the big deal about having a low credit score? These days many institutions – from loan officers, to businesses, to insurance companies – look to your credit history before making a move. You could find your low credit score putting you in a position where you can’t get approved for a loan, get a job, or even find...

I Was Denied an Auto Loan. Now What?

Auto Loans, Non QM Loans
You’re in the market for a new car but you’ve been denied an auto loan. Now what? Here’s what you need to know about why you may have been denied and what to do to make sure it doesn’t happen again. Why Do I Keep Getting Denied for Auto Loans? Unfortunately, there are many reasons a bank might reject your application for a car loan. If your loan application has recently been denied or you keep getting denied, it might be due to one of these common reasons: Application errors. Sometimes, the application could be rejected because of an error you made when filling it out. A missed section, some incorrect information, a missing form or another mistake can mean your loan is ultimately denied. Bad credit. Bad credit is a common reason for auto loan denial. A score below 670 is usually ...

How Long Does It Take To Buy A House?

Grand Prairie, Loans, Mortgage, Personal Finance
How long does it take to buy a house? The answer is: it depends. You can buy a house in a matter of weeks or it can take you anywhere from 4 to 6 months. The question is how ready are you? It can take a long time, and that’s just learning about various mortgage options or improving your credit score. So understanding the various factors involved in buying a house can give you an estimate of how long it will take you to buy the house Check out now: 5 Signs You Are Not Ready To Buy A House How long does it take to buy a house? A step-by-step guide. It can take a homebuyer a few weeks to several months to complete the home buying process. But when determining how long it will take you to buy a house, you first have to find out if you will be pre-approved for a mortgage. There is no se...

What Are the Best Car Loans When You Have Bad Credit?

Arlington, Debt
If you have bad credit and need a car loan, there are some challenges when compared to obtaining a standard car loan. However, pick your head up because there are a handful of great lenders that specifically tailor their programs to people with bad credit. We researched the landscape of lenders that can help you get a car loan even if you have a below-average credit score. Based on our study, OneMain Financial and LightStream are two of the top lenders offering bad credit card loans. This is due to factors including loan options, requirements to qualify, and interest rates offered. Of course, we offer in-depth reviews of all the top lenders who offer bad credit car loans further down in this piece. Apply now with our top pick: OneMain Financial In this guide we also help you understand the...

Why You Should Not Buy a Credit Privacy Number (CPN)

Credit Cards, Credit Repair, Home Loans
If you’re looking to repair your credit, you may have come across websites that advertise a credit privacy number, credit protection number or CPN. These numbers are nine digits like a Social Security number (SSN), and sellers claim that you can use them instead of your SSN. However, these CPNs are often actual SSNs lifted from real people, reportedly children, prison inmates and the deceased – and you can never legally buy a new SSN. In other words, a CPN is no solution to your credit rating problem. Under no circumstances should you try to buy a CPN. Why a CPN is No Credit Fix Websites have sprung up all over the internet, offering CPNs to people with bad credit or low credit scores. They advertise that this number can serve as a “get out of jail free” card for your bad credit. ...

5 Steps for Getting a Car Loan

Auto Loans, Non QM Loans
This Article was Updated July 5, 2018 When you are looking to buy a vehicle, the first thing you should do is apply for a preapproved loan. The loan process can seem daunting, but it’s easier than you think and getting preapproval prior to going to the car dealer may help alleviate a lot of frustration along the way. Here are five steps for getting a car loan. Check Your CreditKnow Your BudgetDetermine How Much You Can AffordGet PreapprovedGo Shopping Looking to Refinance or Buy a New Car? Find the lowest rate when you compare rates from multiple lenders, even if your credit isn't perfect. Get Started Now Privacy Policy 1. Check Your Credit Before you shop for a loan, check your credit report. The better your credit, the cheaper it is to borrow money and secure auto financing. With a ...

What Is High-risk Auto Insurance?  

Car Insurance, Fannie Mae
Insurance companies determine risk when calculating rates and offering coverage. If the company determines that your accident risk is higher than average, you’ll have to purchase high-risk auto insurance. Since companies base rates on risk, you can expect to pay more for coverage if you need high-risk insurance.  Find out why you might need high-risk insurance, how you can lower your premiums, and more. Then you’ll be ready to shop for high-risk auto insurance if necessary.    Reasons for High-risk Auto Insurance Insurance companies look at various factors when determining risk. You might need high-risk insurance if you: Have lots of at-fault accidents on your record  Have a large number of speeding tickets  Have reckless driving or racing violations Have been convicted ...

What Are the Best Loans If You Have Bad Credit?

Arlington, Debt
If you need to borrow money but your credit is less than stellar, it’s possible you’ll wind up with a bad credit loan. These loans are geared toward individuals with imperfect credit histories who can prove their income and ability to repay the loan. As a result of their bad credit, however, consumers who use bad credit loans typically pay much higher interest rates and loan fees. Bad credit loan customers may also be limited in how much they can borrow as well as the terms of their loan’s repayment. From our perspective, LendingClub is the overall best option when it comes to getting a loan when you have bad credit. Borrow Money with LendingClub What To Do If You Think You Have Bad Credit Step 1 — Get Your Actual FICO Score The only way to find out if you have bad credit is to tak...