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Minimum Credit Score Personal Loan
One little advertised strategy you should use when learning how to repair credit is applying for a passbook loan. This technique will give you great results when you choose to do it yourself. Basically all you have to do is deposit money into a blocked CD or savings account where you can’t have access to the funds. You also surrender your passbook to the bank and waive any ATM privileges.
To try and save us from ourselves, the Office of the Controller has recommended that credit card companies make their customers pay higher minimum payments, up to double the current amount. This will affect at least 7% who currently only pay the minimum and those who can only afford to pay a small portion over the minimum.
Personal Loans Can Save You Thousands In Interest Charges
By taking out a personal loan that is equal to the total amount that you owe each of your high interest credit cards, you can pay the card issuer off entirely and make just one payment each month at a very reduced rate of interest. This can be the best move you make financially and you will be able to keep more of your money in your pocket each time you get paid instead of being a slave to the grind and paying your credit card companies every spare dime.
Finding Good Rates When Your Loan Is Unsecured
For those consumers looking into unsecured personal loan rates, do not be surprised if they are a bit higher than those for a secured personal loan. Borrowers must have excellent credit to get low rates without any collateral. It will be difficult for some lenders to offer you low loan rates that are the same as those with collateral. For loan companies and lenders, an unsecured loan is a much higher risk.
As you know, the FICO (Fair Isaac Company) score is one of the most important things in obtaining loans of any type – be it personal loan, home loan, business loan or credit cards. Many times you could get a loan but the interest rates are higher if the credit score is low. Credit scores range from 300 to 850. A credit score of 850 is almost never heard of. These credit scores of individuals are checked from Experian, TransUnion and Equifax companies.
Credit score of 700 or higher means excellent credit.
Credit score of 680 to 699 is considered good credit.
Credit score of 620 to 679 is considered average or OK credit.
Credit score of 619 or below is considered poor credit.
Once you’ve found a lender who’s willing to consider you for a loan, then think very carefully about how much you need to borrow. Don’t make the mistake of borrowing as much as the lender will give you – all that will happen is you’ll end up with bigger repayments that are harder to meet. Borrow the minimum. One of the good things about a bad credit personal loan is that if you make all your payments on time and have a good record, it will help your credit history when you want to borrow money in the future. So make it as easy as possible for yourself to succeed – borrow the minimum.
Fixing the easy things on your credit report is a tremendously significant thing to try to consider. For example, simply having applied for credit cards and personal loans without ever using them can be a problem. You can easily fix this by getting a copy of your credit report and querying this activity. This might seem to be challenging from a quick glimpse. Don’t fret about it. This specific part of the job is far less challenging and much easier to cope with than it may appear to be.
Even if you can’t qualify for a personal loan after bankruptcy immediately, don’t be discouraged! Remember, time can heal all wounds when it comes to qualifying for a personal loan after bankruptcy. Just make sure to focus on increasing your credit score, pay your existing bills on time, don’t take on too much debt, and build up your net worth.