Let’s face it. Re-establishing a good credit is not as easy as it may seem. Corresponding points are deducted everytime you miss payment on your credit card and mortgage loans.
Worse still, your home requires repair and you have no available fund to cover such repair costs.
Your contractor might suggest a home equity loan to cover the expenses of having your home repaired. A home equity loan is a loan that uses your property as security. Although some lenders would entice you with low introductory rates or a large loan amount, you should explore other solutions before entertaining these loans that put your home at very high risk.
- Ask your family and friends for financial help with the intention, of course, of paying them at the soonest possible time.
- Look for a contractor that can accept installment payments. You can offer to pay half of the total amount and then distribute the balance on a certain number of times.
- Apply for a bad credit card. These cards are intended for people with bad credit. You can enjoy the privileges of having plastic money at a slightly higher interest rate compared to regular credit cards. With a lower credit limit, you will learn to curb spending habits. As a bonus, you get to re-establish a good credit history, as long as you pay on time.
Home equity loans might present you with an easy solution but might lose you your home if you do not know what you are getting into. You can easily get other loans once you have re-established a good credit. These loans do not require you to use your home as collateral but only trusts your good name.
This entry was posted on Saturday, February 17th, 2007 at 1:33 pm and is filed under General, "bad credit" loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Google…
Google is the best search engine…
The key to credit problem is discipline. Be punctual, pay your bill on time because late payments, collections, and bankruptcies have a big negative impact on your credit score.
If you have credit problems and want to rebuild your credit, here is the list of lenders that approves bad credit cards and bad credit loans.
…which is true, but it was already said by Shiela a few days ago… say something new and you’ll have a link from here:))
OK, Mr Brin:)
This site contains a very good information, and here is another similar site which is having related information,for more log on to the website.Bad Credit
If you have bad credit or “less than perfect” credit a credit card - if you use it wisely can improve your credit score. Notice the key word here is “use it wisely”.