Here are some hints regarding
secured loan & bad credit
Bad Credit Mortgage Loans - Are You Killing Your Chances Of Getting Approved?
When you have poor credit, your list of lenders that will approve you for a home loan can shrink down very small. You want to make sure that you are doing everything in your power to keep your credit rating as high as you can. Many people will unknowingly hurt their chances of getting approved and make it more difficult for themselves. Here are 3 things you will want to avoid doing if your credit history is already bad.1. Don't have your credit pulled over and over by different lenders - Many people will, because of their difficulty in getting approved, apply with many different brokers and have the broker pull their credit over and over. Every time your credit is pulled, your score will drop just a few points. In some situations, it can be enough to disqualify you from the loan. The best way to go is to apply with companies online that will give you a pre-approval without pulling your credit, but instead, ask you what your credit is like.
2. Don't Open Too Many New Credit Accounts - If a lender sees that you have a lot of new accounts open it can make them wary to want to lend you money. It can also raise your debt to income ratio, which will make it difficult, if not impossible, to get approved.
3. Don't Be Late On Your Current Payments - Some people feel that since their credit score is already poor, it doesn't make any difference whether or not they make their payments on time now. That is not the case, your credit score improves a little, everytime you make your monthly payments on time.
To view our list of bad credit mortgage lenders online, most of which do not pull your credit with the initial application, visit this page:
http://www.abcloanguide.com/lessthanperfectcredit.shtml.
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.
More Useful Resource and Updates on secured loan & bad credit
- Credit squeeze: SBA loans drop 30% (CNN Money)
A growing number of businesses are struggling to land loans through the Small Business Administration's flagship lending program. The number of 7(a) loans given in the 2008 fiscal year, which ended Sept. 30, dropped 30% from 2007, the SBA reported last week.
- New tighter credit will change the way Americans live with debt (The Plain Dealer)
Associated Press fileAmerican families are toting more than $2.58 trillion in debt after years of building up balances on mortgages, car loans, credit cards and college loans.Only a few generations ago, a life well-lived wasn't lived on borrowed money. Patience,...
- Money scams don't slow down in bad economic times (Los Angeles Times)
The offers -- We'll repair your credit! We'll help you avoid foreclosure! Work from home! -- can seem promising to folks seeking relief. Be wary of such claims, particularly if there's an upfront fee. Bad economic times can be boom times for scammers.
- Wall Street tumbles amid global sell-off (Washington Post)
NEW YORK -- Wall Street suffered through another traumatic session Monday, with the Dow Jones industrials plunging as much as 800 points and setting a new record for a one-day point drop as investors despaired that the credit crisis would take a heavy toll around the world. The Dow also fell below 10,000 for the first time since 2004, and all the major indexes fell about 5 percent.
- What will happen to... credit (Guardian Unlimited)
The events of the past three weeks have been enough to put a dampener on the most hardened and profligate spenders. But even if there is anyone out there who still wants to max their credit card or take on a super-size mortgage, they can forget it
- Practical financial solutions for tough times (MSNBC)
Many folks are looking for reassurances that the financial choices they're making ?whether they're about credit, their homes, or investing ? are the right ones. TODAY Financial editor Jean Chatzky addresses the concerns of three readers.
- Ike Eze: Stay Away From Me, Credit Card Crisis (HuffingtonPost)
Unless you still keep your money under your mattress -- and I don't doubt that some people do -- the financial mess is going to hit you, the most likely way being through your experiences with credit.
- Businesses find borrowing tougher as banks retrench (BizJournals)
With the proliferation of bad loans, credit standards at St. Louis banks, like those nationally, have tightened, making it tougher to get a loan.
- Credit crunch? (Northwest Herald)
Don?t panic. Those are probably two words left unsaid on Wall Street on Monday when stocks plunged after the $700 billion financial bailout was voted down by the U.S. House of Representatives.
- Tight credit puts Rochester-area businesses, jobs at risk (Rochester Democrat and Chronicle)
Since the financial chaos began on Wall Street 14 months ago, nervous lenders have increasingly scrutinized business and consumer loans, resulting in a freeze in the credit markets.
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