December 03, 2001

By: Bev Dodd
Website: http://www.family-refinance-consolidation-loans.com

Personal loan with bad credit: From lenders that care about you

Show the lending company that before applying for a personal loan with bad credit, that you have already take the first step to improving your credit. Look at your credit report before applying for a personal loan with bad credit because normally they have errors on them that you can fix. We'll discuss this more below.

If you are having trouble finding a personal loan with bad credit, help the loan officer by showing them you are improving by developing a budget. The first step toward taking control of your financial situation is to do a realistic assessment of how much money comes in and how much money you spend. Start by listing your income from all sources. Then, list your expenses that are the same each month-such as your mortgage payments or your rent, car payments, or insurance premiums. Next, list the expenses that vary, such as entertainment, recreation, or clothing. Writing down all your expenses-even those that seem insignificant-is a helpful way to track your spending patterns, identify the expenses that are necessary, and prioritize the rest. Any lender that can see you've taken the first step to improving your ability to pay has got to look more favorably at your application.

The number one reason for getting a copy of your credit report before you apply for a personal loan with bad credit is! Credit reports contain inaccuracies that are the result of a computer glitch or a clerical error. These may include payments not credited, late payments, or data mixed in from a credit file of someone with a name similar to yours. Ordering your credit report will quickly show you what the lender will see--then it's up to you to dispute any information that you consider inaccurate.

When shopping around for a personal loan with bad credit it is best to avoid over-applying for credit and running up excessive inquiries, for the simple reason that lenders may think you're trying to get credit due to financial difficulty, or taking on more debt than you can repay. Lenders do of course realize that some inquiries are a result of shopping around for the best rates on a loan, and so they will often overlook a block of inquiries within a very recent period. It may help if you explain the inquiries in the application process.

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About The Author:

Bev Dodd is a successful author and publisher of http://www.family-refinance-consolidation-loans.com.  Many have commented that her website offers the best recommendations, links and information on loans, mortgages and financing.