Monday, December 21st, 2009

How can I establish good credit If I have bad credit or no credit?

Bad Credit Credit
chelly asked:


I am trying to purchase a home and im running into the problem I don’t have enough of a credit score. I found a home I would like to buy but can’t find any one to lend me the money. Is there any place that will help me get a home loan Now. Like a bad credit no credit no problem. I don’t mind paying a little bit higher interest rate. But I can’t afford a huge down-payment

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4 Responses to “How can I establish good credit If I have bad credit or no credit?”

Oliva Says:
December 21st, 2009 at 10:35 am

When applying for a “bad credit” loan, follow the following guidelines:

• Make sure they are a reputable company – check them out
• The cost will be significantly lower if you can provide any collateral, or a co-signor with acceptable credit
• Always read the fine print – you do not want any surprises such as pre-payment penalties
• Remember everything is negotiable – especially fees!
• Do not borrow more than you really need – the hole just gets bigger.

If you are granted a loan, make sure you stay current on the payments as this will help or hurt your fragile credit standing. As soon as you can, begin a credit repair program to climb out of this mess so you can get back to normal credit costs as quickly as possible.

Rodin Says:
December 23rd, 2009 at 7:50 am

Start off with a secured card, that way you won’t get turned down and you won’t get penalized before you even start.
you will put a cash deposit down (it’ll gather interests) and use it like any credit card. If you mess it up they have your deposit, if you pay your bills over time your score will get better and better.
I think there is a small yearly fee but it is a small thing to pay to be given the chance to prove yourself.
This is a good one:

William Says:
December 25th, 2009 at 2:37 am

Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-score.10001mb.com

Chris Says:
December 26th, 2009 at 11:06 am

you need to start having accounts to report positive. Depending on what debt you have now, consider getting credit, whether its a secured card, or a very small personal loan. Something that is very quick to pay off, but will leave a positive mark on your credit. Alot of mortgages will require a down payment, but with a low credit score you could be looking at 10 – 20%.

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