Bad credit lenders want to work with people with bad credit. Check our list of bad credit lenders here https://www.newhorizon.org/Info/personaloans.htm
This video will talk about:
0:13 – Things you should do before you apply to get the best rate possible.
0:48 – Tips to help you give your credit score a quick boost!
1:10 – How will this bad credit loan improve credit score?
2:07 – Other ways to quickly add new tradelines to your credit report
There are few things you should do before you apply if you want to get the best rate possible.
– Take time to fix inaccurate information. You don’t want a higher interest rate because of a mistake!
– Look for accounts that are not yours.
– Check and make sure your accounts are being reported accurately!
Too busy to repair your credit on your own? Contact a credit repair company to help you remove inaccurate negative information.
Is your credit score around a 630? You can get a better rate if you can get your score over 650.
Here are a few tips to help you give your credit score a quick boost!
1. Pay down current credit card balances. Get your usage under 35%.
2. If you can’t pay it down, call and ask for credit limit increase.
Again you want your credit card used to be under 35%. So ask for a big increase!
3. Check your credit score after 30-45 days.
That’s how long it will take for the credit bureaus to show your new balances and score.
How will this bad credit loan improve credit score?
Bad credit loans add new tradeline to your credit report. That signals other lenders that someone found you creditworthy. How you pay on your new lines will determine whether other lenders will work with you.
Before applying know what your credit score is!
1. Choose the lender that approves people with your credit score.
2. Make sure the lender you choose reports to at least 1 credit reporting agency.
3. Set your account up for auto-pay so you are never late. Late payments will hurt your score.
4. Choose a short term. Bad credit loans have higher rates. Save $$ by choosing a shorter term.
5. Next, get a bad credit card. There are three main types of bad credit cards: secured, unsecured and merchandise.
6. Monitor your credit. In 6 months ask your credit card company for a credit limit increase.
Other ways to quickly add new tradelines to your credit report:
Have someone co-sign a credit card or loan with you.
Become an authorized signer on a credit card of a family member or friend with good credit.
Practice good credit habits and watch your credit score improve month by month!
Also read this article on how to get bad credit personal loans guaranteed approval https://www.newhorizon.org/credit-info/bad-credit-personal-loans-100-guaranteed-approval/
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