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.
A car loan is a secured loan. If you don't pay the car loan, the lender can repossess the car. A personal loan is a loan based on your credit worthiness as judged by credit reporting agencies like Equifax. This "credit rating" is usually based on a FICO score, which views a variety of factors such as credit experience, lines of credit outstanding and payment history with other companies.
The primary difference between a conventional loan and a credit card loan is that a conventional loan is given to you in one lump sum whereas a "credit card loan" or line of credit can be drawn down as needed rather than in one lump sum. You can find out more about business lines of credit by visiting www.businessloc.com
Is your balance on a consolidation loan calculated based on outstanding balances or revolving credit?
What does it mean when you apply for credit and they do not approve it and what does derogatory credit on recently opened trade lines mean?
You are not being approved for credit is due to your possibly having other new credit (less than 12 mos. old) reporting delinquent (this is what is being referred to as "derogatory credit on recently opened trade lines); each "trade line" is a creditor that you owe money to be it credit card or installment loan.
When you cosign on a loan, you are liable for payment of that loan if the other person does not make payments. Any late payments and other negatives will be reflected on your credit report. The debt will be included in your debt-to-income ratio. If the person makes all payments on time, it could actually help your credit score. Usually, it's the other way around, though. Bottom line: as a cosigner, you are treated as…
A credit score is the credit bureaus overall evaluation of your credit history. The higher the score, the more likely you are to be eligable for loans and credit cards. A poor credit rating could mean that you are at risk of defaulting on a loan, which could lead to high interest rates and/or the refusal of a loan. A finance bank can assist you obtaining your score and seeing if you qualify for a…
Yes, any loan AGAINST real property is considered a secure loan. In this case, the car is the security. For a home mortgage, the home is the security. Unsecured loans are typically credit card loans and revolving lines of credit such as those you might get with Fingerhut or others who "self-finance" your purchases.
There are personal and business lines of credit. If personal, they are often secured by the equity in your home. Find a local bank or credit union that offers home equity lines of credit and apply. They'll be happy to answer your questions. If it is a business line of credit, talk to the business lenders at your bank. Some credit unions also offer business loans. The approval will be based on your credit history…
Most likely the loan company won't accept it because to need a cosigner on a loan means that there is bad credit all ready. Two bad credit reports don't equal one good one. If you have bad credit it isn't a good idea anyway because you could end up with the loan and this will impact your credit report in a negative way.
Is there a difference between a balance on a credit card or a loan from a financial institution in terms of credit history and credit rating?
Getting a personal loan to pay off debts is almost impossible unless you have great credit, income and just want to have one payment. You could get a signature loan in this matter. The other way to get a loan to payoff you bill is to take funds out of your mortgage. If you don't have a house with value, no good credit or great income, I have to be honest and say that getting…
If an individual has bad credit there are still ways of getting a loan. One strategy is using home equity as a line of credit. Other options include applying to credit unions, peer to peer loan programs, or a having a co-signer. In all of these cases, it would be wise to improve credit during this process.