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Yes, if you have a good credit report you're eligible for better terms on loans. If you're considered a higher risk then normal lenders won't lend you money. Those who will make the loan expect a higher rate for the risk.
What else can I help you with?
What is the usual interest on a credit card for people with bad credit?
A general rule is: If the APR is higher than 30%, stay away. Credit Unions are a good option. Federal credit unions are prohibited from charging interest rates higher than 18%.
Where can one apply for a mortgage even though they have a low credit score?
One should contact a local lender and talk to a loan consultant. Ask them if they have any options for people with low credit scores. Remember that if you are approved for a mortgage loan at a higher rate of interest, you will be paying much more interest, and usually higher monthly payments.
Is it difficult to obtain a low interest rate credit card with bad credit?
Credit card companies provide people with credit cards on the basis that they will earn money from the interest a customer repays. If you have a history of bad credit it is unlikely that you will be able to own a credit card with a low interest rate, as providing you with a credit card seen as a higher risk to the company providing it.
Which are the best credit card companies to apply to?
Capital One is a company that works well for people with poor or little credit. They start you off with a low limit usually 500.00 and a reasonable interest rate. Its always best to go through your bank to get a credit card, Because they usually offer lower interest rates. Capital One is a company that works well for people with poor or little credit. They start you off with a low limit usually 500.00 and a reasonable interest rate. Its always best to go through your bank to get a credit card, Because they usually offer lower interest rates.
Where can someone with poor credit finance a car?
There are companies available who will deal with customers who have a poor credit rating. These companies are usually available online but be warned they tend to have a higher interest rate and many people still use then because they find it difficult to get credit elsewhere because of their history.
Will you have to pay more interest if you take out a loan for bad credit?
If a person has bad credit they are less likely to be approved for a loan and if they are approved their interest rates will likely be higher than someone with good credit. Banks consider people with bad credit high risk.
What is the main reason for bad credit mortgages?
Bad Credit mortgages are for people who do not qualify for traditional mortgages. These tipically have shorter terms with higher interest rates.
Do people with bad credit generally pay more for car loans?
Yes, people with bad credit generally pays more for car loans. This is solely due to the interest rate that the person with bad credit has to pay. The higher interest rate adds more to the total amount of the car loan.
Is it possible to apply for loans even if you have bad credit?
Yes, it is remarkably easy to apply for a loan with bad credit and there are many companies that specialise in giving loans to people with bad credit. It is often the case that people with bad credit will pay a higher interest rate.
How does interest free credit cards benefit people?
Interest free credit cards benefit people by making it impossible for them to run into credit card debt. Even if they keep a balance on their credit card, which is most people.
How can you get a credit card that is not secured when you have no credit?
There are banks that give people with no credit a chance. But you should keep in mind that the interest rates of unsecured credit cards for bad credit are usually very high. So you should pay your bills on time.
Can you use one credit card to make a monthly payment on another credit card?
People do it all the time, usually to lower the cost of the interest they pay. You don't want to keep this up, the interest will devour you (financially speaking).
