Finally, How To Get Bad Credit Personal Loans And Computer Financing Programs

Have you been turned down for a personal loan?

If you have no credit, bad credit, or have filed for bankruptcy, don’t waste your time applying for a unsecured personal loan from any of the normal financing and lending companies in your area or over the internet.

And by the way, this applies to you even if you had applied for bankruptcy over 7 to 10 years ago, and the record of your filing for bankruptcy is still on your credit report.

Here are some possible solutions:

First you need to order a copy of your credit report. You need to know what is on your credit report so you will know where to get started. Applying for credit when you already have bad credit will only reduce your credit score.

The Easy Way To Clean Up Your Credit Report

One of the easiest ways to clear up your credit is to look for errors on your credit report. Then write the credit agencies to have the information removed.

Any negative accounts that have been on your credit report for more than 7 years can be removed just by sending the credit reporting agencies a letter.

Next, if you have a old account that has a outstanding balance, you could call that company and offer a lower amount to pay off that account. Many time companies will accept a lower payment to close out and settle your account.

Rebuild Your Credit Options:

If you need a new computer system one way to rebuild your credit is to purchase a new computer system that offers a delayed payment plan. You can not be turned down for this type of financing program because they do not check your credit, and as long as you have a checking account, you are automatically approved. Most companies will require a down payment or you would have to make a few payments on time before they would release your new computer system.

This is a great program because it will help you to rebuild and restore your credit because these types of financing programs will report your payments to the credit bureaus.

Bad Credit Personal Loans

I am sure you have heard of payday loans or cash advance loan programs. If you have a checking account that is in good standing with your bank and you are employed, you should be able to get approved for a $500 payday loan.

Payday loans will not help your credit, but it is a way to get fast cash in just a few hours. Most payday loan programs will want there money back in 2 to 4 weeks and they will collect your payments from your checking account. This is not the best choice to get a loan, but it you need fast cash, it could be a reasonable option.

Credit Cards

Another way to restore your credit is to apply for a credit card program that offers a low line of credit. Normally these types of credit cards will offer to you a line of credit of about $500.00. They will offer to increase your line of credit, once you have used your credit for 6 months and have made all of your payments on time.

Car Loans

Anyone can get approved for a car loan, if they are employed. Car loans will not improve your credit because the financing companies know that if you have not made your payments on time, they will just come by your house and take there car back. Plus they will keep your down payment.

Mortgage Loan Tips: How to Rebuild Bad Credit after a Bankruptcy

According to both the Bankruptcy Code and the Fair Credit Reporting Act (FCRA), information on a Chapter 7 and Chapter 13 bankruptcy can remain on your credit profile for 10 years from the commencement of the case. But, the devastating effects don’t have to last forever, and you can immediately start rebuilding your credit by following these tips:

Clean Up Your Credit Reports

Many people find that when their Chapter 7 bankruptcies discharge, their credit reports still show several, if not all, accounts as open and overdue instead of being closed with the obligation wiped out as part of the bankruptcy. Contacting the credit bureaus and insisting that those accounts be properly reported as “included in bankruptcy” will help lessen the damage by a surprising amount. See “How to Raise Your Credit Score” for more information on cleaning up your credit reports.

Rebuilding Your Credit

Most people know that getting a secured credit card (with a typical credit line of $200 to $500) will help raise your credit score and rebuild your credit provided that you don’t charge more than about 30% of your credit limit, and you make the payments on time each month. But did you know that getting a mortgage or a home equity loan (second mortgage) also helps rebuild your credit?

If you are a first-time buyer, there are government incentives to help you buy a home in just the right neighborhood. If you are already a homeowner, a home equity loan or line of credit can be used to remodel your kitchen or make other home improvements that will help improve the curb appeal of your home. And, if you currently have an adjustable rate mortgage (ARM), you may want to consider mortgage refinancing to a fixed mortgage rate to avoid the next interest hike and possibly cash out on some of your home equity for home improvements or loan consolidation. Believe it or not, a mortgage refinance can also help you rebuild your credit and raise your FICO scores.

Rebuild Bad Credit, Improve FICO Score

As someone who has personally wiped out bad credit I know that life with bad credit is depressing. Heck, once I was denied a debit card to my own money-true story. Rebuilding credit can seem like an impossible task, especially when your score is as low as possible, but it can happen.

I want to share with you some personal credit-building tips that will raise your bad credit (or decent credit) to new heights. Some of this may be common knowledge and other credit tips will be newfound wisdom. People who suffer from bad credit are victims in my book. They are preyed upon by corporations. Today, we start the process of bringing you back to life. And if you’re interested, I wrote a book about how to remove bad credit and return to the land of the living-more on that at the bottom of this article.

1. Pay your bills on time – yes, it seems like common sense, but this does help. Many new creditors weigh your recent payment history heavily. Even being one day late can trigger a 30-late on your credit report.

2. Be cautions when dealing with any collection agency – they are the enemy and they will rip you apart if given the chance. If you work for one, sorry. In my experience with collection agencies, they’ve lied, broken federal laws and conducted themselves unprofessionally. Sure, there are always good individuals in anything, but be cautious.

3. Paying won’t remove negative items – don’t pay a collection account just because you think it will make things “all better.” It won’t. Your collection account will remain on your credit file and it will simply be marked as paid. It still hurts your score the same. My book talks about negotiating with collection agencies and getting these items removed.

4. Lose 100 points just like that – by being over-extended, you can lose up to 100 points or so on your FICO score. What do I mean? Well, let’s imagine that you have $1,000 in total revolving credit on your report and you owe $800. You would be at 80% utilization and that’s enormous. Ideally, you need to stay at 30% or lower. I know this, because once I had a high utilization (thanks to my two maxed out cards) and it cost me about 100 points on my credit score. I wiped them out eventually and my score shot up.

5. Account length matters – You want to have at least one credit card open that has a lot of history time. So, don’t go closing down your cards without thinking. Instead, just don’t use them. Time heals all wounds. Remember that.

6. Secured will start you right – If your credit is horrendous (been there), don’t fret. Start with a secured card. In my book, I have a complete plan in place that you can follow. A secured card, as credit reports go, is the same as a regular card. It’s a credit account.

I hope these credit tips have helped you some. In my life I’ve had some very bad credit days. It was through hundreds of hours of research and practice that I learned all I did about credit. One last advice point, stay away from “law firms” offering credit repair. They can’t do anything, like removing negative credit items, that you can’t do yourself. It’s federal law. And you can do more than they can.