Fixing Credit: Five Ways to Get a New Loan Even With Bad Credit!

A bad credit score is a major obstacle in obtaining a loan. You may have been experiencing financial problems, and resultantly, made late payments. Ultimately, you’re stuck with a poor credit score. But now you need a loan. Is it impossible to get a loan with bad credit?

The answer is no. First, your credit score might not be as bad as you think. Second, some lenders may still be willing to lend to you. Third, there are other options as well.

Here are five alternatives to traditional loans:

1.    Home equity credit

If you own a home and have equity in your property, you can get a loan. Not just that, you can get a low-interest, tax deductible loan which you can spend any way you want.

But keep in mind that choosing this option puts your house in jeopardy. Do you have a stable job or business? If yes, then you can pay off the loan in time. Be careful with your money and be extra savvy.

2.    Go for the credit unions

A credit union is owned by its members. They all have something in common. They might work in the same industry or live in the same area. These credit unions provide good service with lower charges.

Try to find a credit union near you. Call them up or meet with them in person. Discuss the possibility of getting a personal loan. Don’t decide until you’ve compared the rates of at least a few unions. Go with the one which offers lowest rates and good services.

3.    Peer-to-peer loan

P2P lending is an online option to borrow directly from a lender instead of an institution. Borrowers can get an interest rate as low as 6.5%, while lenders can gain as much as 10.5%.

The method is simple. Borrowers post a list of the amount they want and reasons for it. Lenders choose appropriate borrowers and check their credit. If your reason is strong enough, then your credit score won’t matter much.

4.    Family and friends

If nothing else works, you can ask your family or friends to help you. Don’t treat this loan any different from the one you would have gotten from a bank. In fact, have an agreement prepared which includes details for loan amount and payments.

5.    Ask for a co-signor

If your family and friends can’t lend you a loan, you might still ask them to become a co-signor. Choose a person with a good credit score who trusts you to pay the loan.

If a loved one or friend agrees to become a co-signor, be responsible for the payments. Any late payments will appear on both your credit reports. If you are unable to pay the loan, the creditor will ask your co-signor for funds.

One of the easy credit repair trick is to keep an eye on your credit reports. We have a number of resources and credit repair tips on our blog. Begin fixing your bad credit now!  

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How To Improve My FICO Scores: A Quick Guide To Fast Credit Repair

When it comes to fast credit report repair, there is no quick-fix. Nothing worthwhile will happen in a matter of hours.

The best suggestion for DIY credit repair is to manage it carefully and pay at regularly intervals before due date. If you are not known for doing that, then credit score improvement will be very difficult.

Working on a better credit score will help you get a favorable mortgage faster. It will also qualify for better auto insurance premiums and make you a more attractive potential employee!

Let’s get started:

FICO Score: What’s included?

This one takes account of all your financial and related information to come up with a truly detailed credit report. FICO scores are a snapshot of all your credit data when the report is pulled. The FICO Score is made up of:

• Your Payment History : 35%
• What You Owe : 30%
• Span of Your Credit History : 15%
• Your New/Recent Lines of Credit : 10%
• Credit in Use : 10%

But in order to truly figure out what’s impacting your good or bad credit, you will have to get the credit report and review it thoroughly. You can individually contact the main credit reporting agencies to get your reports. But more conveniently, you can employ these credit monitoring services that will not only give you quick access to your credit reports from Equifax, TransUnion, and Experian but also inform you of your overall credit score.

3-Steps to Improving Your FICO Score

It is important to review your credit report to find any errors. This is imperative, so as to ensure the highest FICO score possible.

Once you are satisfied that the report is error-free, it’s time to follow these guidelines to fix credit fast. Mind you, these credit repair tricks will require patience and discipline.

1. Verify Your Credit Report – As stated earlier, your credit report has all the information required to determine your score. The trouble is that it may contain errors that are damaging your credit score and thus your reputation with lenders. Make sure that it lists all the payments and credit cards etc., correctly. Dispute any discrepancies with the credit report agency and your lenders.
2. Set Up Reminders For Timely Payments – Paying off your credit card installments, mortgage payments, car loan installments, etc on time is very important for a healthy credit history. Set reminders in your smartphone and make payments responsibly.
3. Reduce Your Debt Reliably – Take all your debts, and make a smart payment plan that addresses all your outstanding balances on all the different credit cards. Pay off the ones with the highest interest rates first, but continue to make minimum payments on all accounts. Make sure that you can accommodate this in your budget.

Repairing bad credit takes time and endurance. But it’s doable! Here’s the information you need to start contesting credit report errors. Quick Credit Report offers definitive resources for fixing bad credit while building good credit concurrently.

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Understanding FICO Credit Score to Repair Bad Credit Fast

Banks are interested in your numbers, the credit score in particular when you want to borrow money. FICO credit scores determine almost everything from the interest rate on your mortgage loan to simply decide whether to approve you for a credit card.

The median FICO credit score range is between 300 and 850. Any number close to or lower than 300 is considered bad, and a score of 850 or higher may even lead a stranger to lend you money!

The credit scores were created by Fair Isaac Corporation (FICO) to evaluate consumer credit reports that are maintained by the credit reporting firms. The FICO credit scores are used by 90% of the people when it comes to lending money.

Needless to say, FICO score is important. But what determines the FICO reports is based on the following information:

·        35% of the information is solely dependent upon the payment history.

·        30% depends upon your debt utilization ratio.

·        15% is on the age of your account.

·        10% on the type of credit.

·        10% depends on new or recent credit.

It is essential to understand your FICO credit score in order to repair bad credit fast. Below are lists of tips that can help with quick credit repair!

1.    Check for errors

A recent study has found that 80% of all credit reports have some kind of errors or mistakes. In some cases, one in four have serious problems that greatly affect the credit score. For this reason, it is recommended to check your reports as soon as possible.

2.    Improve with DIY techniques

Why pay to monitor your credit when you can do it for free? It will appear on your reports allowing you to see any mistakes or errors. Additionally, you can quickly report these errors and mistakes and repair bad credit fast.

3.    You can negotiate late payments

Yes, you heard us right! If your due payments are not more than 150 days late, you can often negotiate with the original lender. You can argue to waive off any late fee or ask your creditor to accept a lower amount. It is not necessary that negotiation might always work, but give it a try!

QuickCreditRepair strives to help with DIY credit repairs and give you a platform to directly report any errors on your report to one of the major credit bureaus. 

Want to Know How to Improve your Credit Score?

Debunking Credit Score Myths

Do extreme credit repair strategies work?

When it comes to credit repair strategies, a majority of people believe that extreme credit repair works.

It may be tempting to fix your credit with some extreme creditrepair tips. However, keep in mind that most of these so-called quick strategies will not be feasible in the long run.

In order to help you, here are some extreme credit repair techniques that you need to avoid:

Credit repair service

You will come across many credit repair companies promising to fix your credit in no time. Most of them make false advertisements about repairing your credit.

Remember, any agency that doesn’t let you know your legal rights for free should not be trusted. In addition, a big red flag is if they tell you not to contact a credit reporting company directly. Moreover, no credit repair company should ask you to pay before credit repair services.

Instead of hiring credit repair services, it’s better to check your credit report yourself. Keep an eye on any errors that might hurt your credit score.

Consolidation of accounts

Credit bureaus measure the amount of credit you have used against the total amount of credit available to you for calculating your credit score. This is known as credit utilization. In addition, they consider the average length of time your credit accounts have been open.

Due to these factors, account consolidation can adversely affect your credit score. Firstly, it can reduce the total credit you have available. Secondly, it can reduce the average length of time your accounts have been open.

In case you are consolidating everything into a new account, this is definitely going to hurt you. Almost 10 percent of your credit score depends on how much new credit you have applied for. 

Dispute of every negative information

Some credit repair agencies state that you can raise your credit score by disputing every negative item on your credit report. Even those errors that you know are accurate.

According to these agencies, credit bureaus must drop the disputed information from your report for 30 days while they investigate the claim.

This isn’t true. The negative information will remain on your credit report while it is being investigated. It will stay there when your creditors confirm their accuracy. 

Avoid the above-mentioned extreme strategies to improve your credit. If you want to know easy credit repair strategies, click here.

DIY credit repair: Everything you need to know about bad credit

Want to know how to fix credit fast? We can help. Bad credit refers to a low credit score or a tainted credit history.

A poor credit score or bad credit report can negatively affect every aspect of your life.

 As expected, it can make your life more expensive. Interest rates on credit cards, mortgages, car loans and insurance will be higher.

But, that’s just the tip of the iceberg. There are other ways that a bad credit history can make your life more difficult. Let’s take a look at them: 

Utilities

For those with bad credit, setting up utilities might be a painful task. If you have a really low credit score, you might have to pay a deposit to each utility company. Quite simply, a credit score reflects your credit worthiness. A good score indicates that you are an honest and financially responsible individual. Therefore, you can get utility services immediately with just a phone call to your utility service provider.  

Job

Bad credit score makes it more difficult to get jobs. While prospective employers can’t view a candidate’s credit score, they can request an employment credit report. This report excludes the candidate’s account numbers and personal information, but it includes their financial history, including loan information. So, a bad credit report could get you rejected for a job.

Relationship

Financially responsible individuals realize the impact of a partner’s bad credit on their own finances. Therefore, bad credit can be a heartbreaker for you.

How to repair bad credit yourself

There are easy credit repair strategies that can help you rebuild your credit score:

·        Pay your bills on time: No excuses. Try your best to avoid late payments in order to maintain a good credit standing.

·        Apply for credit only when you need to. Don’t apply for credit unnecessarily. Too many hard inquiries in a short time period can reduce your credit score.

·        Use credit as soon as you can. The most effective way to do this is to get a credit card and use it responsibly.  

Finally, we share easy, simple and fast DIY credit repair tips that are imperative for dealing with bad credit. Check them out now. You can also get credit reports from the three main bureaus for free online.

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5 Steps To Fixing Your Credit

What happens if you don’t pay your monthly credit card bills?

It’s a common scenario: a person gets their credit card bill and they find themselves not having enough money to make the monthly payment.

After a single missed payment, you will be charged a late fee. This late fee will be added to your credit balance. Then , your interest payments will begin to accumulate faster because your late fees were added in and you have to pay interest on late fees too. But this is just the tip of the iceberg.

In the long run, your credit score will decline if you fail to make monthly credit card payments.  If you do not pay your credit card bill again, you will be charged another late fee.  By this point, your credit card company will most likely report your late payments to the credit bureaus. Different credit card companies follow different time durations for reporting late payments to credit bureaus.

Most companies will report you when you are between 30 to 60 days late. But, once you are 90 days late, it will most definitely always be reported to the credit bureaus.

In most cases, if your payment is 30 to 60 days late, your credit score is likely to decline by 60 to 110 points. In other words, you would have to pay higher interest rates on future credit loans that you get.  In addition, your account will likely be provided to an in-house debt collections specialists.  

In case you miss 6 months of payments, you will again be charged a hefty late fee and your credit score will possibly decline below 600. This will make it extremely difficult for you to get credit in future. In addition, some credit card companies may charge off your debt by this point. They will sell your debt to a third-party collections agency who will be responsible for collecting the money from you.

It’s possible that your new creditor is a collections agency. The collection agency will resort to abusive practices to collect payments from you.

Regardless of your financial situation, aim to pay your credit card bills on time in order to avoid being harassed by collection agents and most importantly, avoid putting a dent in your credit report. If you can’t make a payment, call up your credit card company immediately to inform them of your unfortunate financial circumstances. Ask them to change your due date. If they agree, be sure to make the payment by the new due date. Alternatively, you can check out our useful credit repair strategies to strengthen your credit situation after missing your credit card payment a few times. 

How Do Credit Bureaus Work?

Think about the risks involved in lending your money to people you don’t even know on a personal level. Creditors, therefore, need a third party to act as a legitimate witness to the money changing hands here. That’s where Credit Bureaus enter the picture.

Following are a few facts about credit bureaus to create a better understanding of their workings. They can be highly effective for you as well when it comes to fast credit repair.

1.    What is the Purpose?

What if you lend $100 to a friend and they disappear from the picture just when they had to repay? It would be nigh impossible for you to track them down. Bidding adieu to your money would be the only choice left. However, creditors cannot afford disappearances of debtors. A Credit Bureau is a way to legitimize the entire procedure so that the lender and creditor can both remain accountable to the third party. Their purpose is to be the intermediary entity whose job is to ensure maximum money security for all involved.

2.    What Does the Law Say?

There are specific laws that govern the workings of a credit bureau.  The law lists credit reporting as one of the primary tasks of the bureau. The bureau has to ensure that the customer gets complete and verified credit information. To carry out their tasks effectively, the Fair Credit Repair Act (FCRA), signed in 1971, allows all credit bureaus to access the customer’s credit and personal details as per their needs and requirements.

3.    How Do They Access Your Information?

Your lenders report to the bureau. So, when you buy a TV set for your drawing room or mortgage a house, the information reaches the bureau. Similarly, your creditor sends out the history of your unpaid debts, bankruptcies, and delinquencies to your bureau to record them in your credit report. They also have access to your personal histories.              Employers generally contact the applicant’s credit bureau for the authentication of their credentials. Your histories stay in their databases for the years to come.

4.    How Do They Benefit Consumers?

Credit bureaus are the most efficient avenues to get hold of your credit report. They are the drafters and receivers of all your credit requests, debts, payments, delinquencies, and etcetera. They also have your history in their databases. So, it is very easy to contact them, for the correction of any discrepancies that can occur in your credit report.

5.    How Do They Earn Money?

Credit bureaus sell their services, usually to the creditors, including banks, credit card companies, retailers, lenders, and anyone who lends money. Apart from being a keeper for credit histories, the bureaus have several tasks to perform. They also work as marketers for the lenders in order to serve and stay in contact with their customers. They provide information on how to be an effective credit card holder besides the required data.

For more information on credit repair companies, visit http://quickcreditrepair.com/

Do you have Bad Credit?

Have you been a tad irresponsible with your credit? It might be high time to try and fix your credit fast. Here are a few warning signs that point towards the need for credit repair.

You have Missed Payments

One of the basic requirements of managing your credit is to be responsible about your repayments. If you haven’t been able to pay your debts on time regularly or aren’t able to track reminders and notices from the creditors, chances are that you are already dealing with the consequences of bad credit.

You are on Your Debt Collectors’ Dialer

Debt Collectors generally call you over and over again when your credit situation is going downhill. No point of escaping this one or else they would soon be at your doors. A better idea is to accept, embrace, learn, and try to solve the issue in hand.

You have been a Denied Loan

It is rather easy to get a loan if you have reasonably high income. However, here is a red flag. If you have been denied a loan, you need to pull up that credit report and check your credit score. It’s unlikely it would be boast worthy. 

You are fired for Your Bad Credit Score

Companies have informers who report your bad credit scores to the higher ups. What’s there to worry about though? All that your employer will do is take up the responsibility and inform you with a termination letter. You have to fix your credit fast before it happens.

You are burdened with High Interest Rate

As your credit score goes down, your interest rate soars. This is a clear indication that it is time to balance your credit utilization ratio.

You are on Landlords’ Blacklist

It might come as bad news because both landlords and mortgage issuers generally check credit reports of potential tenants thoroughly. So, if you’re denied a mortgage, time to visit a DIY credit repair company.

However, all is never lost. There is still a ray of hope left. In addition to opting for DIY credit repair companies, following are a few tips to overcome your desperate situation on your own.

Ø  Try to accept the mess you’ve landed yourself in. Acceptance is always followed by recovery. It will help you control unnecessary expenditure.

Ø  Check your credit report regularly. Negotiate all the small expenses out of your credit sheet to improve your score.

Ø  Mark dates that are crucial in regard to debt payments so as to avoid missing out on important payment reminders and notices.

Ø  Sort out your current financial condition and plan to clear off your previous debts.

Ø  Avoid applying for more credit till you have sorted out all your previous debts.

For further assistance on how to repair your credit fast, visit http://quickcreditrepair.com.

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Improve Your Credit Score by Increasing Your Credit Limit

A complete guide to removing credit inquiries

With the vast amount of information on credit inquiries available, you may find it difficult to understand the subject. But, we can help eliminate your confusions.

To begin with, every time a company seeks access to your credit report, they make a credit inquiry. It is simply a request made by a firm to check your credit report. You can find the section of credit inquiries section at the end your report. These inquiries may or may not have an impact on your credit score. However, they will remain on your credit report for two years.

Types of credit inquiries

There are two types of credit inquiries:

Hard pull

A hard pull inquiry takes place when you an organization or an individual requests your credit score. For instance, if you apply for a car loan or a credit card, the lending organization will request your credit report to evaluate your credit situation. This type of inquiry usually drops your score by a few points for six months.

Soft pull

A soft pull inquiry does not affect your credit score. This type of inquiry occurs when you check your credit history. Similarly, a prospective employer or landlord may request a soft pull inquiry to check your credit situation.

Impact of credit inquiries

A credit inquiry is incorporated to your credit report every time you apply for credit. As per FICO website, the impact from applying for credit will vary from person to person, based on their unique credit histories.

Removal of credit inquiries

In order to remove credit inquiries, you should:

1)      Order your three credit reports to check the inquiries that are causing problems. Once you receive your credit reports, check for unauthorized inquiries made by prospective lending institutions.

2)      Find the addresses of all credit inquirers to contact them. Thereafter, you should send each one of them a letter asking them to remove their inquiry. It is better to send the letter via fax or certified mail rather than standard mail delivery. Also, try to provide as much information as you can.

3)     It is possible that a creditor may provide documentation stating that a credit inquiry was authorized by you.  Therefore, read the authorization carefully. In case of any ambiguity, let them know in writing that the inquirer's authorization form was complicated and beyond your comprehension. Always keep track of the time that you sent the letter. If the creditor doesn't respond within a month, you can demand quick action.

Although the abovementioned process is an easy way to remove inquiries, you can avail our fast credit repair services to get rid of unauthorized inquiries. 

Is Your Old Debt Messing with Your Credit Report?

Here is how you can get rid of it,the first step is to look clearly into things by ordering a credit report that will allow you to get a better prespective on things, for more details visit us: http://www.quickcreditrepair.com

Bad Credit: Is It A Relationship Deal Breaker?

Building a financial future together with your future partner is indeed a challenging feat. You will face innumerable hurdles along the way.

But marrying someone with a bad credit score is a different ballgame altogether. In fact, it has been a deal breaker for many couples.

So, if you have a good credit history and your soon-to-be spouse does not, are you going to call off the wedding? Is bad credit really a deal breaker when it comes to finding unconditional love? Let’s find out:

Credit report

Contrary to popular belief, your credit report won’t be merged with your spouse’s after marriage. However, both credit reports will indicate the accounts that you both opened jointly or accounts with one of you named as cosigner.

Can your partner’s bad credit history affect you?

Financial institutions check an individual’s credit report and score to determine their credit worthiness. A good credit report and score will increase your chances of getting a loan, along with favorable repayment charges. Many landlords and employers also consider an individual’s credit history before offering their services.

In case you and your spouse have a joint credit account, lenders will take into account both your credit reports in order to evaluate your credit worthiness. In other words, if one of you has a negative credit history, your loan request is likely to be denied. Even if your loan application is approved, you may have to pay excessively high interest rates.

Solution

A simple solution to avoid financial woes is to apply for credit individually. Do not open up a joint credit account with your spouse, at least until their credit information improves.

Keep in mind, your individual payment history should be good enough to qualify for a loan or credit card.  Aside from maintaining separate credit accounts, it is important for you and your partner to have a discussion on finances before getting married. This will help you take action (if needed) immediately in order to avoid bigger credit problems in future.

You can order copies of both of your credit reports from the major credit reporting bureaus. Discuss your past and future finances. You can also go through financial counseling together if your partner needs help with their credit situation.

Alternatively, you can check out the wealth of credit repair information available on our website. We offer credit repair tricks and strategies to help you or your partner improve bad credit.