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Bad credit usually takes time to recover, sometimes 12 months or more to see any changes. If the credit was bad and you got approved for a loan, it will depend on 2 things. 1 how old is the car and what is the km. the newer the car usually means longer term. 2. The lender may only want to do a loan on a short term. Usually the smaller amount of loan means shorter pay back, and higher interest. Due to risk factors, and not enough incentive for the lenders to loan out 5000 unless the pay back is good enough. For more information you can visit

2009-12-31 17:34:21
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Related Questions

What factors do banks consider when giving loans?

Credit score, employment history, payment history, money owed and income

If a defaulted student loan is consolidated with repayment at 0 does this affect credit rating for non-payment?

No, if you receive an income sensitive repayment plan after consolidating and the payment is $0 because of your dependents and income, then it will not adversely affect your credit score.

What type of credit score does someone need to get a no down payment home loan?

If a person wishes to get a no down payment home loan he or she needs an acceptable credit score so that the loaner is convinced that the person has adequate income to repay the loan. Usually 620 or higher is expected.

Will you ever be able to get credit or credit cards after filing for bankruptcy?

Yes, but when and how much depends not only on the lender - but what type of loan and your payment/income, etc history since the BK. Any blemishes are a very bad thing.

Can you get a home loan if you are a stay at home parent and unemployed?

No, not unless you have some source of income and even then you will still likely need a substantial down payment and a great credit history.

What paperwork do I need to fill out to apply for a bad credit mortgage?

For a bad credit mortgage you need to have a stable income, someone who can guarantee your loan, and a down payment of at least 20%. As well, the rates for these mortgages are much higher.

Can you buy a house after a deed in lieu of forcloser?

It will take at least 4 years under current conditions to recover your credit enough to be considered for a new mortgage. That's if you become the perfect credit consumer. Perfect payment history and perfect credit to income balances.

What is the minimum child support payment required per child?


Can you get a mortgage if you have about a 600 FICO score and your wife has around a 650 score?

If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.

How can someone qualify for a home equity loan?

Persons can qualify for a home equity line of credit by mainting good credit history, having job income, and managing their indebtedness. Shopping around when you have less than perfect credit can payoff, as different lenders may have less stringent credit history requirements.

What are some common problems that will get you denied for a mortgage?

Some of the common problems that will get you denied for a mortgage would be: an insufficient down payment, high debt-to-income ratio (DTI), and negative credit history.

What is money received?

Money received can be income, payment for services rendered, credit towards a debt, etc.

What is the journal entry for indemnity payment received?

debit cash / bankcredit indemnity income etc

Can someone with bad credit who works off the books get a car loan if it is co-signed by someone with great credit and verifiable income?

If someone is ***** enough to co-sign, most likely you can. Especially with a large down payment. It would be better for all involved to save your money and buy something you can pay CASH for.

What factors would make your credit score change?

Your payment history makes up 35 percent of your 3 digit fico score. Your debt to income ratio makes up 30 percent of your fico score. 15 percent is based on length of credit history. 10 percent is based on new credit and the other 10 percent is based on the types of credit used.

Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?

As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)

Where can someone get a car loan with no credit?

It's very difficult getting a car loan with no credit but not impossible. When getting a car loan with no credit the best thing to do is to save up ones money for a down payment because the larger the down payment the better chance it is to getting approved for the loan. Having proof of income and being able to make the payments helps greatly.

What is the average interest rate for a business cash advance if you have good credit?

The interest rate for a business cash advance varies depending mostly on your income. Payment history and credit are less important than the income. Although, the average interest rate for a business cash advance is going to be the prime rate PLUS 15.99%. A respectable rate today hovers around 4.5%. You may be able to negotiate a lower rate depending on your credit history.

What do credit card companies look at when issuing credit?

1. Your income 2. Your spending patterns 3. Your previous credit history (With other banks & credit cards)

How can someone legally not pay taxes?

If they have tax exempt income for items such as a Roth IRA, then they do not have a tax burden. Also, it possible with low income and tax credits such as the child tax credit, Hope credit, and earned income credit, so have your total income tax reduced to zero.

How does a small claims judgment affect your credit?

All judgments have a negative effect upon the person's credit rating. A credit score is made up of the person's entire credit history, payment issues, debt-to-income ratio, amount of debt owed and so forth, there is not a set number of points deducted due to a judgment award.

How do you minimize the credit risk?

To minimize the risk of extending credit, carefully review the applicant's credit history. Look at how he has handled previous bills and how much income he has.

Is a credit score of 697 good enough to get a mortgage?

Generally, FHA credit score requirement is 620-640, and 660 for a conventional loan, so yes. The rest depends on your income, debt to income ratio, and down payment.

What are the things that an underwriter looks at when approving you for a home loan?

1) FICO score of 620 or higher 2) credit report 3) income vs overall debts 4) payment history on previous/current debts 5) employment history and length of current employment 6) collateral 7) down payment you are willing to make initially

What does it take to borrow a loan from a bank?

Steady income (and a history of such income)in an amount enough to repay debts, acceptable credit history, an acceptable loan purpose, and if required, acceptable collateral