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The bad credit loans are being made for the welfare of those people for whom getting financial assistance in many times is difficult. Such borrowers are known as the bad credit holders who are either turned down or are charged higher interest rates by the lender. Thus, there is no end to difficulties and hurdles in their way to get money. In that case, these loans act as a helping hand for such borrowers.
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∙ 15y ago
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Does checking your credit report cause points from your score to be deducted?
Yes it does effect your credit score some how when u check it your score drops alittle. because i check my credit score to take a loan and it was just at the good mark for the loan. but wheni went to get thw loan they denied me because of my credit. and they took out for checkin it. The above reply is correct if you are checking your report. It is incorrect if you are asking about others checking your credit report. How often you have attempted to use credit can lower your credit score. You need to be careful of applying for credit or a mortgage over the internet. Many of these are just "lead factories" who will sell your information to numerous companies. If there are an abnormal number of requests then it is possible that your credit score will be lower. For an in depth discussion of your credit score see
are credit cards better than savings accounts?
Some people are able to control their spending habits while using a credit card, and pay off their balance each month without penalty. If you are discipline enough to do so, there are advantages to using a credit card. With today's competitive market, some credit card companies offer reward programs (such as a percentage of your purchases) and perks like extended warranty periods for appliances. When handled properly, credit cards can also help you build your credit rating, should you decide to get a loan or mortgage in the future. Combine these points with having an interest-free loan each month, having a credit card is worth considering.
What is credit analysis?
Credit analysis is a study by a credit analyst where -- based on the loan application and the available info from 1, 2, or 3 credit bureaus -- she analyzes and attempts to predict how responsible the prospective borrower is in the use of credit. In other words, whenever a prospective borrower applies for a loan, a credit analysis is done, in order to discover A) What the prospective borrower's payment history is, B) How much credit has been already extended to him, and C) If he has the capacity to repay the proposed loan under the terms of the most likely loan agreement.
What is the journal entry for a building purchase loan?
[Debit] bank account [Credit] Building loan
How can you repair your 510 credit score when you have 2 chargeoffs and 5 accounts in collection?
You need to pay off all the old accounts. Then wait. It takes time to get your credit back on track. Agencies report the last 7 years. People who are willing to give you a loan will see all 7 years, but look the most closely at the last 2. If you could get a secured loan and pay off the old debt, that would help improve your credit faster. You need to work really hard in cleaning up your old debt. Two reasons people don't want to give you a loan when you have old bad debt is, it shows they might not get their money either and it also concerns them that if the old debtors sue you for collection, you may not be able to pay the new loan. Paying on time and patience are the only ways to improve credit. Good luck
What makes loan companies hesitant to offer a loan to individuals with bad credit?
Loan companies are generally hesitant to offer loans to individuals with bad credit because people with bad credit usually make late payments if they make payments at all. If one wants a loan one should prove themselves with good credit.
Where could a person with bad credit get a business loan?
A person with bad credit could get a business loan at various banks and companies. Some of the companies that offer a business loan for people with bad credit are Venture Capital, Prosper and Lending Club.
Which companies offer services to those who need a loan but have bad credit?
There are a number of companies that will offer loan services to those with bad credit. Some companies include Fast Access, Citizens Savings &Loan and CareOne Credit.
What institutions are sources of credit?
Institutions that are sources of credit are: banks, loan companies, credit unions, Visa cards, Mastercards, payday loan companies, etc.
Where can you find out more information on home loans for people with bad credit?
A lot of private loan companies will loan people money who have bad credit. Most national banks will not though. The only problem is that these private loan companies will charge much more than a bank would.
Where can you get a loan at with bad credit?
For people requiring loans when they have a poor credit rating then they may be able to get a poor credit loan from several companies advertising poor credit loans. Sites such as Tesco Bank and Norton Finance offer loans to people with poor credit.
Where can someone with bad credit apply for a auto loan?
For people with bad credit it is not impossible to get a car loan. Some financial companies give credit to people who have had past credit issues. Using these companies result in higher interest rate premiums. For the most part you can often qualify for a car loan if you clean up your bad credit rating and applying for loans at the right places. Places you can apply for an auto loan is Bad Credit Auto Loans and Road Loans.
Which companies offer mortgages for persons with a bad credit?
There are a few ways for people with bad credit to get mortgages. The following companies offer mortgages for people with bad credit: E-Loan, MortgageCreditProblems, and Ameriquest Mortgage Company.
Which companies offer car loans to people with poor credit?
There are various companies that offer car loans to people with poor credit. Some of the companies that offer bad credit auto loans include Federal Auto Loan and BlueSky Auto Finance.
What are two companies that will offer a personal loan to someone with bad credit?
Two companies that will offer a personal loan to someone with bad credit are United Lending Services and Cash Loan City. It is easier for someone with bad credit to get a personal loan from Credit Unions than from banks.
Why do some companies get better commercial loan rates than others?
Some companies get better commercial loan rates than others because they have a better credit history. Possibly they have taken out a loan in the past and have paid it back on time, so their credit history is excellent, and they receive a good loan rate.
Where could one get a loan or other lines of credit?
There are various places where one can get a loan or other lines of credit. Some of the best places to get a loan or lines of credit include banks, credit card companies, credit unions, and payday loan companies.
