December 07, 2001
By: Bev Dodd
Loan for people with bad credit: Easiest loans on the net
Be aware of your credit count before you get your loan for people with bad credit. Close all your open accounts that you don't use before applying for a loan for people with bad credit. We'll discuss this more below.
In situations where you have stopped using a credit account, it is often a good idea to close the account if you don't plan to use it anymore. 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. This is an easy step to take when applying for a loan for people with bad credit.
Most people are unaware of their credit rating and that's a dangerous situation to be in, especially when you buy a car, and car dealers will walk all over you, because they know more about your financial history than you do. It should be the other way around. If you are planning to buy furniture, a car, or a home, you could be turned down if your payment history is spotty, or even for errors in your credit report. It's the stupid little things like not getting the last utility bill paid when you move out of an apartment that keep you from getting credit later on. Sometimes the bill does not get forwarded to you, now you have a charge off on your credit report for a late or unpaid bill. Did you ever overdraft on your checking account? It's probably on your credit report, and you should see about getting it removed before looking for a loan for people with bad credit.
In most cases, the terms you are quoted when you shop among lenders for a loan for people with bad credit, represent the terms available at the time of the quote. Therefore, you should not rely on the terms quoted to you when shopping for a loan unless a lender is willing to offer a lock-in.
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