December 04, 2001
By: Bev Dodd
A loan with bad credit: sympathetic lenders
Different lenders may apply different standards to credit worthiness when you apply for a loan with bad credit. Also legitimate lenders never ask you for a fee when processing a loan with bad credit application, although they may for a credit report. We'll discuss this more below.
Applying for a loan with bad credit, remember different lenders may apply different standards in rating your credit worthiness. Many credit files contain inaccuracies that could affect your credit rating, and even lead to the rejection of a loan application. That's why reviewing your credit report beforehand may be a good idea, giving you time to dispute any items that may be the result of simple human error or a technical glitch.
To make a loan with bad credit more attractive to a potential lender, you may wish to consider reducing the number of revolving charge accounts that are listed as active on your credit report. Lenders will sometimes view too much revolving debt as a negative when considering a loan application. Make sure your creditor notates the account -closed at consumer's request- otherwise; a prospective lender might assume the creditor closed the account for other reasons.
If you apply for a loan with bad credit, it is accepted and common practice for lenders to request payment for a credit report or appraisal. However, legitimate lenders never ask you to pay for processing your application.
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