How to get a bad credit loan

October 9th, 2015

In case if you’re experiencing financial difficulties and need money urgently, most likely you’ll go to the bank. You will need to confirm your solvency and ability to repay the loan on time. And one of the most important items that will be checked by bank employees is your credit history. Actually, the better it is, the better the chances for a positive decision from the bank.

A credit history of a person is related to his social security number. If you haven’t or have a bad credit history, you may not be able to get a fast and easy loan. Moreover, you may have problems to rent an apartment, to buy a mobile phone, or to get a credit card. Bad marks on your credit history is available for 7 years, so sometimes it’s quite difficult to get rid of a dark past...

Credit bureaus always keep info about a borrower. Since banks see your history in full view, it’s quite frivolous to think that messed up with one bank, you’ll succeed with other one, starting from scratch. Problems that are directly related to the negative credit history can last for a long time. Of course, you can try to apply to the banks, but in 99% cases you’ll only spend time communicating with representatives of banks and submitting applications, while the result will still be negative. Finally, if a bank work with a bad history client, it tries to insure risks from such cooperation, setting enormously high rates. So the overpayment may be twice times higher than a loan itself.

There’s no easy way out…THERE IS!

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To clarify the situation when you’ll be not likely to get a bank credit, let’s consider several types of borrowers according to their degree of negative credit history.

• • Insignificant violations related to the repayment. That is the lightest case that alarms a bank. It wonders the reason why there were delays and tries to guarantee the repayment as fast as possible. And in future, perhaps, the bank will not cooperate with you. Another fly in the ointment is that according to some contracts, banks have the right to change the terms, for example, to raise interest rates because of the risk. S you see, at the moment the relationship between banks and their client is far from ideal.
• • Delays on previous loans. Typically, banks are not trying to see the situation in the eyes of a borrower, doing all to back their money as quickly as possible. Believe us, they never interested in your problems. So the agreement with a bank is a very difficult matter, complicated by your bad credit history.
• • Spoiled credit history. Don’t even try to take a new loan while the previous one is not repaid: banks will never agree on it. Mistakes are not forgiven. Most likely, you’ll never see a bank loan.

Banks may offer a pledge credit without getting information about your situation, credit history, employment, and other nuances. Anyway, it’s too risky, as if you fail to comply with the payment terms and conditions, you may lose your deposit.

The way out as it is

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When bad turns to good

Positive credit history is formed with active use of credit products and timely payments. The impact of previously taken loans on your history decreases over time. It means that negative power of delinquencies committed in the past decreases with time, while recent clear repayments improve the state of a client’s history.

It is worth noting that a large number of simultaneously open credits reduce the current credit rating.

Thus, to improve a credit history, first of all you need to:

• • pay off the current delays;
• • minimize the number of open contracts;
• • actively use credit product
• • fulfill payments on time.