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‘Bad Credit’

The Right Approach to using Bankruptcy to Deal with Debt Problems

Bankruptcy! The mention of this word can dredge up some very negative associations for many people. We often think about bankruptcy as being representative of someone – or some corporation – that has been irresponsible with finances and is looking for a way to instantly escape all of their financial problems. And sure, there have been cases of people using bankruptcy haphazardly over the years. Oftentimes, though, people wind up filing for bankruptcy to deal with incredibly hard circumstances and scenarios. The loss of a good job, medical problems and even divorce can be incredibly trying in and of themselves. And these types of situations also tend to lead to extreme financial hardships for thousands of people every year. It is folks who are going through these types of situations, compounded by big money problems who can often benefit the most from filing for bankruptcy. One reason that bankruptcy still carries such a stigma is because some people assume that when a person files for bankruptcy it is just because they didn’t keep a sharp eye on their finances or that they spent more money than they had any business spending. The majority of bankruptcy lawyers will tell you that these are not usually the precipitating factors that lead to personal bankruptcies. It is almost always unforeseen negative events in the lives of people that lead to them ultimately making the very difficult choice to file for bankruptcy to get some protection from creditors/collectors and to get a fresh start on their finances. When people hear about someone filing for bankruptcy, or even bankruptcy laws, they often fail to comprehend what it is all about. Filers get a fresh start, they get a chance to rebuild their credit scores, they get freedom from collection agencies and they often get a chance to breathe easier and to improve their personal/professional relationships too. These laws were created for these purposes. Everyone deserves a second chance, and though it is not anyone’s first choice, filing for bankruptcy is often the only recourse that they have. Bankruptcy Filings are going down Data provided by… Read More

Tips for Home Buyers with Bad Credit

Every prospective home buyer has a few financial concerns to think about prior to shopping around for a new home. It all starts off with getting prequalified for a loan. This step allows lenders to review your financial history and health. After that, borrowers can begin the process of submitting loan applications, so lenders can get a more in depth history of the purchaser’s financial situation. Lenders will almost always offer the best loans and lowest interest rates to home buyers who pose the lowest risk. Credit scores vary from just 300 to 850, with 850 representing the lowest level of risk. Anyone with a credit score lower than 620 may find that it is difficult to qualify for a mortgage. Don’t lose hope, though, as there are some lenders that specialize in providing mortgage loans to people with low credit scores. If you are planning on purchasing a home soon, but worry about your credit score, here are some tips to help you along your way. Get Your Finances Stabilized Prior to Shopping for a New Home It is a good idea to avoid any major financial changes for about two years prior to purchasing a new home. Lenders are apt to be more comfortable with loaning money to borrowers with low credit scores, if those borrowers have a stable income, up to date bill payments and a stable employment situation. Start Saving Money Now for a Big Down Payment The lenders that provide loans to people with bad credit scores assume that these loan seekers will provide large down payments. It is a good idea to have around 20 percent of the purchase price of your home saved up for a down payment. If you can save more, do so, as you may need additional funds for home inspections, loan closing fees and other expenses that pop up when you get around to actually closing on your loan. Pay Down Your Debts and Keep them Paid Down Lenders will often look at your debt to income ratio when they are looking at your loan application. Debt to income… Read More

What To Do When Unexpected Emergencies Occur

Sometimes in life you have Unexpected Emergencies come up that there is nothing you can do to control. These types of emergencies can be stressful and cause quite the head ache especially if you don’t have the cash to pay for the emergency. It is in times like this when it is nice to be able to go get a Payday Loan. There are all types of emergencies where it is necessary to get Cash Loans. Cash Loans: One example of a reason to get a pay day loan is car troubles. Car repairs can be quite pricey but you also have to get them fixed as soon as possible. Otherwise you have no way to and from work and other places as well. With a cash loan you can get the money you need no matter what day of the week and get your car fixed immediately. This is great so then you can get to and from work and pay off your payday loan when you get the cash. Many payday loan businesses also allow you to make payments so you are not overwhelmed. Unexpected Bills: Another reason you may need to take a payday loan is if you have Unexpected Bills come up. It would be bad for these bills to go past due and get sent to collections. If this occurs it could negatively affect your credit and cause you trouble when you go to buy a house or car or apply for any other type of loan. When you get a payday loan you can pay off the bill that is due on time and then have the extra time to come up with the cash to pay for the loan you received. Unexpected Sales: Sometimes personal things come up that you cannot just let pass by. Maybe a friend of yours has a TV for sale for an amazing price that you cannot pass up and you know it will be sold quickly. Unexpected Sales like this are also a common reason for taking out a payday loan. You are able to snatch up… Read More