Need help to get loan with poor credit

Don't lose your heart. It's a fact that the creditors won't agree to lend you when your credit is poor! It's risky for them.

At present situation you can go for a subprime loan. But please understand, the rate of interest of this type of loan is much higher than conventional loans and you need to make a large down payment.

Before you sign the agreement, I would suggest going through the terms and conditions carefully. If it suits your budget, then only you should apply.

Subprime loans are short term loan. It can help you to buy the property with current value. Try to repay the loan within 2 to 4 years and get your loan refinanced with lower rates of interest.

Or you can try to improve your credit score first then apply for loan. It will take some time, but the procedure is safe and secured.

I am sorry to hear about your difficulties in getting a loan. It is due to the bad credit that you will have to repair as early as possible. Most of the financial institutions keenly view your credit report in the following avenues
Based on these credit score, loans or credit can be acquired from the creditors and other lending agencies. When the credit score is evaluated, extensive research is conducted on the following areas of your credit report. It is based on your credit scores they will lend you any money. Also, if you have a lower score, you will catch up with the highest interest rates and vice versa. Please know the creditor's areas of interest in your file.

• Your payment history is analyzed.
  
  
• The amount that you owe is taken into consideration.
  
  
• Length of your credit history is determined.
  
  
• They look out for the types of credit that you have used so far.
  
  
• They will look into your new credit.
  

Hi Loanly

Please use the following tips to improve your credit score.

Check for incorrect entries ??? Credit bureaus often make clerical errors while entering the data. You should review your file at least once a year as well as several times when you are about to purchase a new home.

Timely payments If you are quick in making the payments, you will be viewed very nicely by your creditors. You will be in a very comfortable position and will be open to the best deals. This point is emphasized because a late or missed payment just before applying for a loan lowers the credit score and has worse impact than a missed payment five years ago.

Bring credit balance to the minimum - It is always better to reduce the credit card balances as much as possible. The FICO scores will widely get affected due to how much money you owe on some cards relative to your total credit limit. Credit scores are seen improving if the balances are kept below 25% of the credit card limit.

Don't linger your payments Do not increase the ratio by closing an account and transferring the remaining balance to another account since the ratio of the credit card balance is linked to the credit limit. Doing this will lower the credit score which should not be generally done while you are on your way to increase your credit score.

Unused accounts to be kept active - While you are applying for a loan, it is suggested not to close any unused account. At the same time, it is suggested not to open a new account also during that time. It is said because if you are having a short credit history or less number of accounts, the credit score gets lowered when a new account is opened as there is no proven track record of it.

Please do let us know your feedback. We will appreciate your comments and suggestions for the community welfare.

Regards
Roxette

Thanks for the input guys. It's really nice hearing from you.

Currently my report is showing few charge-off accounts and some late payments as well. I just want to remove these negative marks. Can you help me anyhow?

Hi loanly

Welcome back. :D

Register yourself in this site and have a free discussion with the consultant. He will negotiate with your account holders and arrange for a suitable payment plan.

This program will not completely remove the negative remarks appearing in your file because they are bound to stay for a period of 7 years as per the FCRA laws. However, if you make easy and regular payments in the consolidation program, your debt will wipe off and your file will be viewed more favorably than before.

Regards
Roxette