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 Earn on Black Friday Deals in 2017

How to Earn on Black Friday Deals in 2017

Posted: November 23, 2017

Black Friday is around the corner! Ready, steady, go! But before you go on a shopping spree to catch the jaw-dropping deals and discounts, make sure you maximize them. Did you know that you can not only save on Black Friday, but also earn? ... Continue reading
Autumn 2017: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2017: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 20, 2017

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
Top 5 Cards for Travel from Our Partners Autumn 2017 – Expert Choice

Top 5 Cards for Travel from Our Partners Autumn 2017 – Expert Choice

Posted: November 8, 2017

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading