Ten tips that may help you get the bad credit loan you need
If you are in a position where you are being refused credit the world can seem a hostile place. However there is no need to give up hope. By the use of the following credit tips and techniques you can begin to sort out your financial problems.
Try some of these top tips
1. Check your credit file for inaccuracies. This is very important. Check your own credit rating with a company such as checkmyfile.com and see if you can spot any damaging entries that you can challenge. Manual data entry can cause problems and you may be getting the blame for someone else's credit problem! The credit report will only cost a few pounds and the results may be immediate and positive.
2. Apply for small amounts of credit. Need a small electrical item costing £20? Ask for credit instead of paying cash even if you have the cash on you. Its unlikely you will be refused for such a small amount and when you pay off the loan early, which you must, your credit rating will increase.
3. Apply to the right kind of companies for credit There is no point in applying to a lender specialising in good credit if you have poor. Companies like Yescarcredit and Regency Remortgages are more likely to give you a chance. Remember refusals will be logged on your file.
4. Make sure you pay at least the minimum balance each month It sounds obvious but lenders like to see you paying each month. Reduce the number of lenders you have if you find it difficult to keep track.
5. Charge small amounts to your credit card each month but make sure you pay it back. Lenders like to see continuous borrowing and paying back.
6. Look at the interest rates you are paying Pay off the highest rate loans especially store cards first. This will leave you more money to pay off other debts.
7. Get a second job! Not everyone will be able to do this but not only will you get more income it will leave you with less time and energy to go out spending.
8. Set yourself a weekly or monthy budget. Make sure the rent or mortgage is payed, put asside some money for car insurance. Cancel that second holiday if you can't pay for it before you take it.
9. See a credit councellor If you really are bad at managing your own money go to see a credit councellor who will be able to help you through your specific issues. Mentally it also helps to have someone on your side.
10. Do I really need this Ask yourself before each purchase. Will it really still make you happy at the end of the month when you get the bill?
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2. Apply for small amounts of credit. Need a small electrical item costing £20? Ask for credit instead of paying cash even if you have the cash on you. Its unlikely you will be refused for such a small amount and when you pay off the loan early, which you must, your credit rating will increase.
3. Apply to the right kind of companies for credit There is no point in applying to a lender specialising in good credit if you have poor. Companies like Yescarcredit and Regency Remortgages are more likely to give you a chance. Remember refusals will be logged on your file.
4. Make sure you pay at least the minimum balance each month It sounds obvious but lenders like to see you paying each month. Reduce the number of lenders you have if you find it difficult to keep track.
5. Charge small amounts to your credit card each month but make sure you pay it back. Lenders like to see continuous borrowing and paying back.
6. Look at the interest rates you are paying Pay off the highest rate loans especially store cards first. This will leave you more money to pay off other debts.
7. Get a second job! Not everyone will be able to do this but not only will you get more income it will leave you with less time and energy to go out spending.
8. Set yourself a weekly or monthy budget. Make sure the rent or mortgage is payed, put asside some money for car insurance. Cancel that second holiday if you can't pay for it before you take it.
9. See a credit councellor If you really are bad at managing your own money go to see a credit councellor who will be able to help you through your specific issues. Mentally it also helps to have someone on your side.
10. Do I really need this Ask yourself before each purchase. Will it really still make you happy at the end of the month when you get the bill?
more information on debt from the offi
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