Category Archives: Bad Credit

5 Ways To Boost Your Credit Score

If you don’t put much thought into your credit score, think again. This record will be with you for your entire life, and will have a major influence on many of the financial decisions you make in your life, as well as the decisions that others make about you. A poor credit score can make life far more difficult in the long run, leaving you with few options when it comes to loans, credit cards, and even your future mortgage. If yours is less than dazzling, don’t stress. There are several things you can do to boost your score and impress future lenders.
  1. Manage your debt well. One of the main points of a credit score is to demonstrate to lenders that you are able to manage your debt consistently. If you’re behind on some...

How to Whip Your Finances Into Shape

With today’s economy and cost of living, having stable finances is as rare as finding a pot of gold at the end of a rainbow. At least, that is what everyone will have you believe. Once you are in a fiscal rut, it can be incredibly difficult to get yourself out again. It can be so overwhelming, many people simply choose to ignore their debt or other financial troubles. This, as everyone, knows will not make it go away, however. If you are determined to turn over a new leaf with your monetary situation, you need to act now. It is never too early to start sorting out your funds and debts. In fact, the earlier you begin, the more capable you are of handling the situation. Here is your starting point:

Know Where You Stand

There is...

What is meant by “Bad Credit OK”?

We have all see the adds from non-conforming lenders promising to help you where others have failed. They are not put off by bad credit or lack of financials. Does this mean that a person who has been refused everywhere can qualfy? Probably not. Who are bad credit lenders? Bad Credit Lenders are lenders who specialise in offering loans to borrowers who fall outside the traditional lender criteria. Traditional lenders like the banks will not consider borrowers with a blemished credit history. The key word in this sentence is "history".  Borrowers are often confused into thinking that Bad Credit Ok means a borrower with current unpaid bad credit can be assisted by a bad credit lender. Generally this is not true. Bad credit history may not be an issue, but your bad credit must be in the...

Debt management for bad credit borrowers

Borrowers with a history of bad credit all too often think of a personal loan also known as a debt consolidation loan in order to refinance some of their high interest debt so as to make loan repayments more affordable. At face value this seems to be a reasonable strategy. Unfortunately where it falls down is in the belief that there are lenders out there who would be prepared to refinance existing debts of a bad credit borrower to a lower rate facility. Unless you are in a position to offer the lender some real estate security this outcome is highly unlikely. Not only is it next to imposssible to qualify for a sizable unsecured loan if you have some bad credit, but also you can forget about finding a cheap lender who is prepared to...

Want to improve your chances of mortgage approval?

It can be difficult finding a lender prepared to give you a go once you have had some instance of bad credit - especially where your bad credit is still unpaid. We regularly hear from consumers looking for strategies to turn their luck around when it comes to home loan approval. While time is your friend when it comes to fixing a bad credit history, some people are not willing to wait until their bad credit clears up. Here are some potential solutions to getting your bad credit mortgage approval over the line: Repay the bad credit first Even bad credit lenders want to see that you are in a good place financilly at the time of your loan application. Borrowers who can not afford to repay old debts are generally seen as not being able to afford new...

The myth of bad credit personal loans

Everyone seems to be offering bad credit personal loans over the internet. It is no wonder that when potential borrowers contact us and find out that they are unable to qualify for an unsecured pesonal loan they are both confused and disappointed. So why is it so difficult to find a lender prepared to offer a traditional unsecured personal loan to a bad credit borrower? Well these products being unsecured are a much higher risk loan to the lender. Why would they consider offering unsecured finance to an individual who has in the past not paid all their debts as they fell due? Lenders take little notice of the resons behind your defaults. It is a simple case of mathematical analysis. Borrowes who have defaulted before are more likely to do so again than their counterparts...

Millions of Aussies drowning in debt

Veda Advantage, one of the largest credit reporting agencies in Australia, has come out with some frightening statistics. Since the introduction of comprehensive credit reporting earlier this year, the agency is attaching a credit score to every Austraian's credit behavor. It seems that the news is very bad for at least 2 million Autralians who have a 50% chance of defaulting on their current credit commitments. That means that as many as 13% of us are significantly over-extended when it comes to debt. A small financial hick-up could be sufficient to tip someone who is already carrying too much debt over the edge. How to read your credit score Credit report format and information collected on it have changed in March of this year. If you have not seen your credit report since then, it is a...

How to improve your credit history faster

Having a bad credit history and a poor credit score can certainly hamper your efforts to find a lender prepared to offer you finance at a competitive rate. Some lenders may simply have one look at your credit score and decline your application. Others may agree to lend but at very high unaffordable interest rates. Since the recent changes to the Australian Credit Law, improving your credit score requires a range of strategies, some old and some new. While a default or a judgement will remain on your credit report for up to 7 years, you can take steps to improve your credit standing and score sooner. Repay all bad credit The sooner you repay your bad credit the sooner will the repair or your credit score commence. It is very difficult to improve a credit score while you...

What is your credit score?

Credit score is a fairly new concept to Ausralians. Many of us are aware that as consumers we have a credit file which maintains details of our credit activity. This is where any evidence of a credit default, a judgement or a bankruptcy would be recorded and would affect your ability to qualify for finance. However we were never used to having a single number - a credit score, sum up our credit worthiness. It used to be that you had to be careful not only about makig loan  payments on time but also about excessive applications for credit as these were able to adversely affect your credit rating despite all payments being in order. Since we have moved to comprehensive credit reporting earlier this year, there appears to be more use and awareness of...

Mortgage refinance after bad credit

Anyone who has had their mortgage for some time and applied for it initially when they had an unblemished credit history, will have a difficult time making a mortgage refinance stack up. That is finding a mortgage that will not be more expensive than one that is in place today. The main problem being that clean credit mortgages are significantly cheaper than those available to credit impaired borrowers. Unless you have a significant debt problem outside of your mortgage, refinancing from a mainstream lender to a bad credit lender is unlikely to offer financial benefits.  ( lifedeal )There are however a couple of circumstances where such a refinance may make financial sense. While you do need to make sure that any unpaid credit showing up on your credit report is paid out before considering a mortgage...