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15.12.09

Editor’s note: This is the second in a two-part series on the American credit card industry.

When I opened my credit card account several years ago, the introductory interest rate was 0 percent. By last summer, it was 19.99 percent. Last month, it was increased to 23.99 percent.

According to my newly amended credit card agreement, if I should happen to make a late payment, I will be charged a $39 fee, my interest rate will increase to 29.99 percent and I’ll be hit with a retroactive finance charge.

Though my bank is allowed to make such unilateral changes without my consent, I do retain the right to close my account if I am dissatisfied; however, doing so will negatively affect my credit rating.

Since I pay my balance in full every month, the rate and fee increases don’t have much of an impact, but I decided to call my bank for an explanation. I was told by a call center representative that the increases were implemented by the corporate offices to ensure that all of the company’s card holders would be able to “maintain access to credit.”

Source:

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Is it possible to get a poor credit loan for a car of my choice?

Sep 14, 2007 by ATLANTIS | Posted in Buying & Selling

I want a specific car. I noticed with every poor credit auto loan lender they have to give you a car of their choice. How can I get what I want with a cosigner. I don't want to be declined again.

do you have a cosigner? if your cosigner has good credit, it shouldn't be an issue.

i have bad credit (score: 550) and a repossession, but i got the car i wanted from a dealer chain - the fact that it was a national chain made a huge difference since they work with more banks than the independent dealers.

my interest rate sucks (20.12%) and i had to settle for a 6 year loan instead of 5, but i did it without a cosigner, which means i'm rebuilding my credit and can refinance in a year or two.

so, depending on what you want, try to find a dealer that works with more banks than your local guys. make sure you have good monthly income and a sizeable down payment - they'll want between 25% - 50%, but you can probably get away with as little as 20%. if you don't have these two things, get a cosigner.

by the way - i forgot to mention that i originally set out for a used car but could only get approved for a new car. it seems the bank sees that as less of a risk due to the higher value.

lilitheden | Sep 14, 2007

A "strong" co-signer will possibly help. If not, they pick the car and you pay 25% interest!

jimmy d. | Sep 14, 2007

It depends on how much the car cost. If you have bad credit you probably wont get a loan for that much money.

Maybe you can get a loan, and then find a car from a private dealer.

m diggity | Sep 14, 2007

yes you will be able to get the loan ,but your interest rate will be so high that the first year or two all you,ll be paying on is the interest,if you take a co-signer with you it should make it easier to get the loan,but don't let them hook you in to a real high interest rate,you,ll be paying on that car for a long time if that happens,good luck.

dodge man | Sep 14, 2007

Co-buyers really only help if you have little credit. If you have bad or poor credit, they wont do much good.

Generally, you have to go with the car of their choice because they have to be in it right to sell it to you. What i mean is- take a Previous Daily Rental 2005 Nissan Altima 2.5s for an example. Say KBB is $18,000 High and $14,000 Low. The dealer maybe bought this car for $11,000 plus all reconditioning fees and he is in it $12,800. The bank will loan 110% of Low KBB with average to great credit, and 90% of Low KBB with poor to bad credit. So, he needs a car to sell you that the bank is in a profitable situation.

90% of low KBB in this example is $12,600. So, he will probably ask you for a $2500 to $3000 down payment.

That is typically why most people with bad credit leave the lot in a Neon, Sentra, Focus, Cobalt, or a Carolla. Because the initial selling price is lower (means less down payment) and the dealer can usually pick them up at a auction for back of low KBB.

I hope you follow what im saying. Good luck.

mac150 | Sep 14, 2007

SURE YOU CAN IF YOU DON'T MIND THE INTEREST RATE IN THE RANGE OF 22.5 PERCENT.

UCANTCME | Sep 14, 2007

Try this site. It has bad credit car loan information. If you need a new loan, it might be of some help to you. The loans on some of the dealers are outrageous, however (just telling it like it is), so shop with caution:

http://carmu.info/drive/car/gmac/bad-dallas.html

Gary H | Sep 14, 2007

How can I find a poor credit loan to cover an emergency?

Apr 13, 2007 by Matthew N | Posted in Personal Finance

I am a journalist living in California making decent money now, but financial problems I had in college are coming back to haunt me. I have very poor credit as a result. Now, I have had an emergency situation pop up - I need to pay off some folks I borrowed money off of and I need to return to my home in Arkansas to tend to a family situation. I have $300 in my savings account, but I need approximately $5000 to take care of my immediate needs. I can't go to a payday lender but I'd be very willing to work out a deal with a private lender who can send money to me where I can get it very quickly. I've tried to sign up for Prosper but it will take 5 days or so for them to verify my information and I don't have that much time. I have two websites that will verify my standing as a journalist and my employment status, and I have several computers I'd be willing to sell or put up as some form of collateral or something. Thank you in advance for your assistance.

Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://elfurl.com/iwqgj

dino | Apr 13, 2007

What is the best way to get a personal or auto loan with poor credit?

Mar 07, 2007 by siranthony7 | Posted in Personal Finance

Just answers on bad credit loan companies that really work?

How do you buy anything at less cost? Shop around.

Don't walk onto a dealership without the loan already taken care of, though. They are going to sell you with monthly payments instead of with the actual car cost. This is how they make an extra couple thousand dollars off of you.

Go to your local bank or credit union and ask for their loan rates. You can also try e-loan.

You might first get a copy of your credit score to shore up any bad info before applying for the loan, though.

Good luck,

Ethan | Mar 07, 2007

most of the major american car companies have a bad credit system in tact...you will pay a higher interest rate than most...good luck

Michael K | Mar 07, 2007

What is the best way to get a personal or car loan with poor credit?

Mar 06, 2008 by Kayla B | Posted in Personal Finance

Just answers on bad credit loan companies that really work?

How do you buy anything at less cost? Shop around.

You'll want to check these guys out....99% approval they say.

http://www.123thebest.info/go.php?link=auto

Good Luck.

Grace B | Mar 07, 2008

You don't need a loan, you need a car.
Don't saddle yourself with payments on something that goes DOWN in value!
Save to get a cheap car you can afford, and keep saving to upgrade. You will almost always get a better deal buying a car outright anyway, since you get to trim the finance department's commission out of your bill.

Jaclyn&Dave | Mar 06, 2008

Check out this site where you can apply online for an unsecured personal loan:
http://www.cashloans-unlimited.com/unsecured-personal-loans.html

Auris | Mar 06, 2008

Hi, look for online vendors.

gonzo | Mar 06, 2008

Where I can get a home loan with poor credit?

Feb 17, 2009 by Christina K | Posted in Credit

I have poor credit and I am on a time crunch. I have money for a down payment and the income for monthly payments, but my credit score is in the 500 range. The house that I am wanting is asking $95,000. Is it even remotely possible for me to get a loan?

Hello,

I work for a "high risk lending institution" so it is possible to get a loan with poor credit. I do need a little more information before I can make a recommendation on where to go.

What % do you have down?
What is you monthly budget using Take Home Pay after these things are deducted:
- rent
- utilities
- minimum credit card pmts
- any car pmts
- any other monthly obligations other than telephone, cable, etc.
have you filed bankruptcy in last 2 years?

Looking forward to hearing back from you! I would love to help you.

Eric L | Feb 17, 2009

Hi Christina,

I think it will be hard for you to raise your credit score effectively in less then 3 to 6 months depending on your consumer habits. However, if you follow some basic rules, that can easily be achieve, and it will be useful not only for the house, but also for your future plans. You can find some valuable information regarding these theme on the internet.

As an alternative, you can try to find institutions and government resources that can give you a loan regardless of your credit score. These kind of solutions tends to be more "expensive", because the interest rates are a little higher, but maybe you can use a resource loan at a higher interest rate and build up your credit score to transfer it latter on to a more "comfortable" solution.

Hope that helps, and all the best for your new home!

Biz Guru | Feb 17, 2009

Maybe, if your downpayment is big enough. Your score will really work against you and I assume you have at least some derogatory items in your credit file that cause that poor score. Those deroagtory items will also be a problem as most mortgage companies will insist those all be settled before you are approved.

You will also need at least a 2 year stable work history and sufficient income. Your monthly payment should be not more than 25% of your monthly income.

bdancer222 | Feb 17, 2009

Hello everyone,
My name is Mrs Rose Smith and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $48,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Mr Steve Davidson of Davidson loan Financial Incorporated, he was the Saviour GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $48,000 USD and i will advise any one who is in genuine need of a loan to contact Mr Steve Davidson(MD) via stevedavidsonloanenquiries@yahoo.com because he is the most understanding and kind hearted lender

Rose Smith | Feb 17, 2009

Hi I Mrs Joy Anderson, i am from New YorK, i saw your question on yahoo answer
and i want to refer you to the international loan company that help me
consolidate my debit when i was searching for loan and i was in a bad shape, a
friend of mine introduce me to clarke loans company that help me get out of my
debit,the company offer so all kinds of loan to any where in the world at a
very low interest rate and even if you have a bad credit and low income they
still offer they service so long you agree to the repayment information, they
are the only international loan company that can help you get a quality loan
with a fast transfer.contact them and i am sure they will be of great help to
you .within 24hours. here is their contact clarkeloanscompany@yahoo.com

JOHN CLARKE

Joy Anderson | Feb 17, 2009

Hello my dear do not full prey to those hoodlums at they that call them self money lender all their want is you money and you well not hear from them again they have done it to me twice before I met Mr. Brown Wilson the most interesting part of it is that my loan was transfer to me within 2days so I well advice you to contact Mr. Brown if you are interested in getting loan and you are sure you can pay him back on time you can contact him via email brownwilsonloan4@live.com
They offer all kind of categories of loan they

Short term loan (5_10years) Long term loan (20_40)

Media term loan(10_20) They offer loan like Home loan!!!!!!!!!!! Business loan!!!!!!!!

Debt loan !!!!!!!! Student loan!!!!!!!!

Business start up loan<<<<<<<<<< etc

When it comes to financial crisis and loan then brown Wilson loan financial is the place to go please just tell him I Mrs. jenny Wilson direct you Good Luck>>>>>>>>>>

Sonia James | Feb 17, 2009

HI ,my names is Joy Rose.i saw your question in yahoo answer .i decide to referred anybody who is dire in need of loan to this God fearing man because i have been SCAMMED twice by this fake lenders.when i have bad credit is this man that gave me{ $60,000] .you can get to him via Email james.wood8483@yahoo.com. tell him joy rose referred you to him who he gave a loan to.Goodluck
thanks,from joy Rose

joy rose | Feb 17, 2009

How can a person get an SBA Loan with poor Credit and no Collateral?

May 16, 2007 by Richard O | Posted in Small Business

I seek serious help. I have a small business that is growing large. I need more financial venture capital, but I have poor personal credit and no Collateral. How can I obtain a SBA Loan, or a Large Bank Loan to help my business grow?

Have you considered factoring? This works well if your business has unpaid invoices also if you accept credit cards. Factoring companies don't care about your credit or collateral (for the most part). Also, you have quick access to funds. If you have any questions about this, please send an e-mail to tmessick1@yahoo.com

tom m | May 17, 2007

A great business plan might influence the SBA to loan you some money but short of that you might have to take on an investor or silent partner to co-sign any loan you might have. Venture capital though is something different than an SBA loan. There are firms that specializes in venture spending. They will contract with you for X amount of dollars for Y percent of your company. Good Luck.

Brian C | May 16, 2007

Unfortunately, I do not believe you are going to qualify for an SBA loan. The Small Business Administration guarantees all SBA loans from default, but the loans are usually given by banks. Banks are the most conservative places to borrow from. Usually, you need not only excellent credit, but substantial collateral to back the loan up. An excellent business plan is a must, but it won't offset poor credit or no collateral.

Hate to tell you this, but your best bet is to find investors or someone who can lend you the money on a personal basis. Or save money from your business in order to expand later.

T Taylor | May 16, 2007

Unfortunately, you can't. The SBA financing page http://www.sba.gov/financing clearly states the factors they are looking for to be eligible for SBA government guaranteed loans, and that includes good credit and collateral

- A business plan explaining what the business is

- Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you

- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application

- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you

- Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.

imisidro | May 16, 2007

is there a bank that would give loan to poor credit?

Sep 05, 2007 by GG | Posted in Credit

Friend needs a loan of $3000, is there a bank that would allow him ? His credit is poor.

there's something here but I think it is a credit card perhaps there's more http://credit---card.org/

jon | Sep 05, 2007

No. Even if he has collateral, he can't get a loan because the collection process is too expensive. He has to build up his credit first. Banks are looking to make money, not to meet the needs of desperate people.

I worked for a bank and had excellent credit and couldn't even obtain a mortgage for a cheap studio. The reason was that they didn't pay me enough to qualify for a mortgage.

What your friend needs to do is build up his credit to the point where he can get a credit card with a high enough limit and then he needs to take a cash advance. MBNA always offers cash advances.

fifty | Sep 05, 2007

GG I found interesting information about your answer, Bad Credit Loans & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/bad-credit-loans.htmlGood luck!

samy | Sep 05, 2007

Will poor credit history/loan default in home country affect US work visa renewal?

Aug 22, 2007 by scared77 | Posted in Immigration

I have a loan I'm three months behind in in my home country. I'm working on catching up, but want to know if my financial issues will affect my visa renewal. I have excellent credit here.

The only bills you don't want to be late in paying are to the IRS, your state or locality for taxes. Otherwise the US government really doesn't care who you owe money to.

The only way this might affect your visa is if your failure to pay is a crime in your homeland.

skip | Aug 22, 2007

Why are lenders willing to give people with poor credit payday loans faster than a regular loan?

Jul 07, 2007 by Kandice M | Posted in Credit

I mean a person can open and close a checking account faster than lighting and you go into the credit bureau if you do not pay and the same thing happens with an unsecured personal loan. Why the risk? What is the difference? Bad credit is bad credit.

The fees they charge are equivalent to a sky high interest rate. They are willing to take the risk that some will not pay because apparently there are plenty who do.

1slyfox | Jul 07, 2007

I have poor credit and no money, who would loan money for me to invest in flipping houses?

Mar 17, 2007 by L H | Posted in Investing

I am interested in purchasing investment properties below market value, rehabing them, and selling them as affordable housing. Is there a company out there that would finance me with a hard money loan or a bad credit/no credit loan?

Your chances of gaining financing with BOTH poor credit and no available funding is quite slim. Given the recent public issues with sub-prime lending firms, criteria for issuing loans are probably going to become more stringent than they were previously. Should you find financing, also use caution in selecting a property with which to work. Contrary to much of the television advertising being shown, purchasing a decent property at below market price is not nearly as easy as it is advertised.

acermill | Mar 17, 2007

Online Payday Loans And Poor Credit

A poor history of credit can often be a sensitive issue for individuals who intend to lend a small amount of money for making their cash flow smoother because most companies would not wish to lend to an individual that has a high probability for not paying back. Traditional lending institutions normally do an extensive background and credit check on the borrower and if they find your credit rating fishy, you would certainly not be able to get a loan from them.

Don?t worry if you are troubled about it because cash advance companies WILL get you the money.

Online payday advances are normally approved within a day or so and can be wired to your bank account quickly. Perhaps suprisingly, companies who provide online payday loans dont do any background or credit checks and the most important thing that they look for is usually how steady and regular your pay check is.

When you apply for a payday loan, you have to provide a post dated check to the institution that has been cashed on the due date which does not go on for more than one and a half or two weeks. You need to be careful though, if you do not pay the loan back in the required time, you will have to face the penalty such as huge fines or multiplication of the interest rate by at least a few times.

Payday loans can sometimes benefit both the lender and the borrower because the borrower can get a small loan even with bad credit history and the lender has little to risk as the loan period is normally quite short.

Lastly, many people dont know that by actually by applying for a payday advance, they can increase their credit rating by borrowing and paying back on time. Improving credit rating used to be a difficult problem because no company would want to lend them anything in the first place so it was difficult to show that you are a creditable person. However, it is important to keep in mind that you must repay the loan on time or otherwise you may get a bad credit history and you would be in a bad position to apply for other financial products.Andrew owns a number of finance related sites. For more information and advice on no fax payday loans or faxless payday loans as they are often called, click on the above links.

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