Category Archives: Debt Consolidation

How To Handle A Poor Credit Score

Have you had a look at your credit score lately? If you go for a credit check-up and find that your number isn’t looking too great, now is the time to take action. A bad credit rating could affect your future in a number of ways, including making it difficult for you to get a mortgage should you want to buy your own home in the future. Thankfully, poor credit isn’t permanent and there are things you can do to improve your score and increase your odds of a successful financial future. Take these steps soon to turn things around. Deal with your debts. If a debt collection agency melbourne has been calling you recently trying to talk to you about your outstanding debts, this is a good moment to take action instead of ignoring the...

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...

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...

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 does bad credit debt consolidation work?

Bad credit debt consolidation offers a number of alternatives to the individual ( you can see also Consolidation Deal ), not all of which necessarly involve applying for a new loan. Your ability to qualify for a consolidation loan will largely depend on the extent of your bad credit, available security/assets, your income and nature of your bad credit. For example individuals who are in bankruptcy of in a debt agreement have very limitted options when it comes to debt consolidation, that is because a debt agreement and or a bankruptcy is never your first debt consolidation choice. However having selected them, your ability to avail yourself of further debt consolidation assstance is significantly reduced. Before you consider a debt agreement or a bankruptcy it is worth trying one of these debt solutions: Informal debt negotiation A...

Personal loans with bad credit can be a challenge

Any sort of bad credit history can have quite an impact when it comes to qualifying for any sort of finance. The impact is even greater for individuals looking for a personal loan. It is best to be prepared and take the time to understand the products on offer. What you are offered may not necessarily be what it seems. Unsecured personal loans Banks have very strict criteria when it comes to qualifying for an unsecured personal loan. Borrowers with any hint of a bad credit history, even those who have now paid out prior defaults, may find it difficult to qualify for an unsecured personal loan with a bank. Non-bank organizations such as GE or other finance companies tend to follow bank lending guidelines when it comes to unsecured credit. Then there are small on-line lenders or lenders...

Debt solutions for bad credit borrowers

It can be easy to believe that bad credit is the end of the road and there is no opportunity to qualify for any assistance if you are carrying debt defaults. It is true that most banks and traditional lenders will be quick to decline a loan application from an individual with a bad credit history. However not all debt solutions center around a new personal loan. In fact many people have put themselves further behind by seeking to borrow further without thinking rather than take a smart approach to their circumstances. Thinking outside the square There may be ways that you can reduce your debts without necessarily going into more debt. Strategies employed by people fighting the debt monster include working on paying down one debt at a time rather than panic and give up. You may...

Bad Credit Home Loans – fact vs fiction

If your credit history is less than ideal you may feel somewhat confused by your available options when it comes to qualifying for a mortgage. The truth is that bad credit history will certainly not preclude you from qualifying for a mortgage. If you have some questions about bad credit home loans, lets consider the following: Bad credit is history once it is repaid - Fiction Bad credit history can not be eliminated with the repayment of a default or judgement. In reality your bad credit will stay on your credit report for up to 7 years after it is listed, even if the default is fully repaid. Paid defaults will make it very difficult to qualify for a mortgage with traditional lenders. Non conforming lenders may be able to assist but the mortgage will most likely...