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How will a bad credit loan look on my credit?


xcr0vvx asked:


Will getting a bad credit loan to pay off some credit cards look bad on my credit history? Does it show up as just a new account when my report is checked? If it does have an adverse effect, is it worse than being extremely behind on my credit cards? I know the interest rates are very high, but thats alright with me.

Also, any suggestions where to get a bad credit loan? I guess it would be a personal loan.

Thanks you in advance!!!!

Eugene

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This entry was posted on September 15, 2010, 6:52 pm and is filed under Credit. You can follow any responses to this entry through RSS 2.0. You can leave a response, or trackback from your own site.

  1. #1 by Sandy S on September 16, 2010 - 12:13 am

    Travis

    If the credit is so bad and you are extremely behind you will not be able to get a loan without a co-signor.

    Beware of the jackasses who post the spam loan offers. They want YOUR money they do not want to actually lend you money after they get your money.

  2. #2 by latebreakfast on September 18, 2010 - 7:33 am

    Annie

    You are asking one of those questions that invites spammers. Unfortunately, you won’t be getting a loan if you already have bad debt.
    Banks only loan to folks with good credit.
    If you can, get someone to cosign for you.

  3. #3 by Ted on September 20, 2010 - 2:17 am

    Joseph

    There is no distinct indication of a “bad credit” loan on a report. If you pay on time then it good. If you’re late then it’s bad. Sometimes the industry code can be used if the company is scoring the data themselves. We used to do this when I worked for a major retailer evaluating credit. The theory was that if you were using a “loan company” like Household Finance or Beneficial Finance, instead of a bank, it must be that you got turned down by your local banks. On of the people on our accounts receivable team flipped out when she heard this, because she had bought some dishes and the store salesman had convinced her to finance them through the store, rather than her bank card, which turned out to be placed with HFC. Oh, well. It’s more of a guideline rather than a rule.

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