Posts Tagged ‘bad credit score’

A Bad Credit History Does Not Mean Credit Is Impossible

October 11th, 2009 by Adam | No Comments | Filed in Credit Score, Credit Score Advice, Credit Score Tips

Why Do You Want To Check Your Free Credit Scores?

Check the Situation That Best Applies to You And Then Click the Button Below to See Your 3 Credit Scores Absolutely Free

I want my 3 free credit scores from Experian, Equifax, Transunion that the government does not provide free

I want to apply for a credit card and get a low APR

I am preparing for a major purchase (home, auto, boat) and want to make sure I get the best loan rate I qualify for

Just curious where my credit stands against the average American credit scores

check 3 free credit scores

(Click the button above to see your 3 free credit scores)

Everyone faces unforeseen financial problems and challenges at some point and find that they are in a terribly difficult situation and not able to honor their committments. This position may make some feel that the situation is hopeless in finding financial assistance, but that is not necessarily the case.

There are two types of bad credit personal loans, secured and unsecured.  A homeowner may qualify for the secured personal loan and non-homeowners may apply for the unsecured bad credit personal loan.A bad credit should not affect your chance in obtaining a mortgasge loan.The rate that interest that is charged for a mortgage loan will depend upon your credit score.  If the credit score is 600 or above, the borrower is usually required to pay a 5% down payment.  Credit scores that fall below 580 necessitate down payments of 20% or more.  However, reputable bad credit mortgage lenders do not require unreasonable down payments of 50%.

Bad credit secured personal loans are worth considering if you own property such as real estate, automobiles, valuable jewelry, or other types of assets.  However, it is important to keep in mind that the collateral may be seized and sold by the lender in the event of non-payment.  In addition, there are bad credit automobile loans that are easy to apply for with minimal requirements to qualify, such as an income of $1,500 per month, proof of residency, and verifiable employment. There are reliable lenders who offer reasonable interest charges and finance options.

Debt consolidation loans are yet another approach to consider if you have a history of bad debt.  These loans consolidate your debts into one loan, allowing you to make one monthly payment that you can afford.  Unsecured debt consolidation loans are not tied to your assets, and they eliminate annoying calls and letters from creditors, as well as helping you avoid filing bankruptcy.

Don’t let a history of bad debt keep you from having the things you want or need. There are answers concerning your bad debt problems.

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My credit score is 636, what is yours?

August 4th, 2008 by Adam | No Comments | Filed in Credit Score, Credit Score Advice, Credit Score Tips, FICO Score, Vantage Score

Hello-

Everyone tells you to check your credit report and credit score every year but not everyone does it.  I went ahead and did it last month and was kind of surprised.

I went to annualcreditreport.com and got my free credit report. I paid the $7.95 to get my credit score too.

What I saw was not too encouraging.

My credit score is 636.  That’s not very good.

my credit score is bad

I knew I didn’t have a great credit score but I didn’t think it was in the bottom 10% of the population in the credit score range.

But then I looked closer and saw that the range was from 501-990. That’s not a FICO score, that’s a VantageScore.

Gee whiz, what am I going to do with my VantageScore? Not many companies use it. So I paid $7.95 for a “credit score” but not my real FICO score.

So the key here is to make sure you get your FICO score and not just a credit score.

The VantageScore was developed to try and compete with the FICO scores but hasn’t caught on much.

With all that being said, I need to make sure I don’t apply for any new loans or cars or houses because I will probably be denied.

Why do I have a low credit score?

I make all my payments on time and rarely if ever miss a payment. In the past 48 months, all my credit card companies show that I have paid on time according to my credit report.

The biggest thing is that my balances are too high. I owe too much on my credit cards and that is why I have a bad credit score.

But I’m working on it like I know most people are.

In time, as my balances go down my credit score will go up and I’ll be a better credit risk.

Yeah, so that way the credit card companies will let me borrow even more money! Yippee! :o)

Thanks for reading.

Have a great day!

-Adam

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