How to work with poor credit history

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » How to work with poor credit history

How to work with poor credit history


Updated: December 26, 2012

Add to Favorites:
Every American knows that having a poor credit record can spell doom for the various financial plans and decisions. It can affect your insurance, your likelihood of getting a good home on a mortgage, or even your chances of getting a good loan. Even with bad credit, people still can be eligible to get some sort of financial aid. Payday loans are a helpful financial tool especially during times of financial debt. Creditors will approve these loans for even people who have bad credit. With a lot of competition being faced, these loans do not need any co-signers for assurance and they do not concern themselves with bad credit scores, however some sort of agreement is arrived at with the client and some documentation would be sought by the lenders. There will be many online agencies offering these loans, and it will require the applicant to fill in a form with pertinent details regarding salary and also some personal information. The loan will be granted within an hour or a day in case of emergency once they are satisfied and you qualify. It is particularly an important source of funds for people with financial problems. It will however need to be rapid within a short period extending in most cases to a month. Everyone knows that a credit report can be damaged for seven years if there is a blemish on the credit record. What if you have already made those mistakes? It is still possible to improve the score and get your credit record back on track. One important way is by applying for a credit card that is secured. This will ensure that there is a limit on the spending power and you are only charging what you can pay for to your credit card. It is also possible to improve your scores as a student by maintaining a checking account with your bank and being a cosigner on a card with good credit records with a family member such as a parent. It will automatically result in giving your credit scores a lift. You could also co-sign on a loan if you are unable to receive a loan directly for your needs. Paying your balance that is outstanding in full every month is a good way to keep your credit scores up, maintain an outstanding amount unpaid on it is not. Being signed on a joint credit account can work well, if the other party maintains good credit record, however there is risk involved of you having to pay for the debts incurred by the other party on the card as well. So when starting a joint account, make your decision after giving due thought. To keep your credit scores good, when applying for a loan go for an installment one. Make sure that it is a short term one; say a year or two years. It will enable you to maintain a good relationship in terms of your banking and also improve your credit scores through timely payments made.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

Posted: June 21, 2017

Whether you are married or not, we all agree that marriage is incredibly important for a person. It signifies the beginning of two people as a team, as a family, of a long commitment. It is a newly born union and the sign of your choice, ... Continue reading
How to Save Money. Best Credit Card Deals and Tips.

How to Save Money. Best Credit Card Deals and Tips.

Posted: June 20, 2017

We all've been through or may find ourselves in such an emergency when money is needed immediately. Lucky you are if you have savings for unexpected expenses. If not, it's never too late to start saving money. There are different ways to ... Continue reading
Cashback Match Lets You Double Your Discover Rewards

Cashback Match Lets You Double Your Discover Rewards

Posted: June 7, 2017

Discover has always been a leader in the cashback rewards game; with their generous 5% cash back in rotating categories offer, you can earn up to $75 in cashback rewards each quarter. But their latest card takes credit card cash back ... Continue reading