Posts Tagged Money
Personal loans for bad credit-Chicago area only?
jds asked:
I have less than perfect credit (about 530 credit score). I am now trying to improve that score. I have a great job and make very good money. I am looking to get a personal loan for about $5,000. I would like to get this loan for a purchase but also to have the positive payment history on my credit report and bump up my score.
I have less than perfect credit (about 530 credit score). I am now trying to improve that score. I have a great job and make very good money. I am looking to get a personal loan for about $5,000. I would like to get this loan for a purchase but also to have the positive payment history on my credit report and bump up my score.
Does anyone know of any banks in the Chicago area that may be able to help?
Also, the purchase I am making will not allow me to use a credit card. It must be a cashier’s check or cash.
Thank you!
Tommy
Why It’s Important to Monitor Your Personal Credit Report
D. Susan Carter asked:
Do you know why it’s so critical to check your credit reports on a regular basis? It’s very simple. When you need to obtain funds for your business through a line of credit (or loan), or when you want to apply to a new vendor, they are going to look at your credit record. If you have not made a committed effort to be sure that your information is being reported correctly, and you show up with negative items, than these lenders may not view you as being able to manage your debts well and may decide not to trust you with their money or their equipment. The best way to make sure this doesn’t happen is to regularly check your credit reports and verify that everything is in good standing.
Here is what you should be watching for:
o Items that should not be there. There are two things that you want to make sure aren’t on your report. Items that you have cleared up previously and items that never should have been there in the first place. If you previously had a negative mark on your credit report, but have been working to clear it up, you should always keep the paperwork showing the effort you made to correct this problem. All reporting agencies have a high error rate. There could easily be items on your record that were not yours, but somehow were put on your record in error. The sooner you notice them, the sooner you can have them removed.
o Anything that should be there. If you have positive credit such as paid off loans or other large debts in good standing, then you want to be sure these appear on your credit record. It is important that your credit history includes on-time, paid debts because when companies are considering extending your business a line of credit, they will evaluate you by the amount of current outstanding debt as well as previous debt that you have satisfactorily paid off.
o Is it your history? Nowadays, with identify theft running so rampant, it is not just individuals who have to keep an eye on their credit report. An identity thief can just as easily steal the financial information for your company and begin a shopping spree under your company name. Verify that all the items showing on your credit report belong to your company – whether or not it is positive or negative. Take a few minutes when you are reviewing your credit to be sure all the activity that is showing are accounts you have opened through your company. Don’t hesitate to call on anything that looks suspicious. You may just not recognize a name, but it is far better to ask that to risk a bad situation that will only get worse.
Find out more about improving your creditworthiness and learn about the various business credit bureaus. If you are going to be a successful business owner, then you need to understand how critical it is to make sure your creditworthiness is reflected accurately.
Vernon
Do you know why it’s so critical to check your credit reports on a regular basis? It’s very simple. When you need to obtain funds for your business through a line of credit (or loan), or when you want to apply to a new vendor, they are going to look at your credit record. If you have not made a committed effort to be sure that your information is being reported correctly, and you show up with negative items, than these lenders may not view you as being able to manage your debts well and may decide not to trust you with their money or their equipment. The best way to make sure this doesn’t happen is to regularly check your credit reports and verify that everything is in good standing.
Here is what you should be watching for:
o Items that should not be there. There are two things that you want to make sure aren’t on your report. Items that you have cleared up previously and items that never should have been there in the first place. If you previously had a negative mark on your credit report, but have been working to clear it up, you should always keep the paperwork showing the effort you made to correct this problem. All reporting agencies have a high error rate. There could easily be items on your record that were not yours, but somehow were put on your record in error. The sooner you notice them, the sooner you can have them removed.
o Anything that should be there. If you have positive credit such as paid off loans or other large debts in good standing, then you want to be sure these appear on your credit record. It is important that your credit history includes on-time, paid debts because when companies are considering extending your business a line of credit, they will evaluate you by the amount of current outstanding debt as well as previous debt that you have satisfactorily paid off.
o Is it your history? Nowadays, with identify theft running so rampant, it is not just individuals who have to keep an eye on their credit report. An identity thief can just as easily steal the financial information for your company and begin a shopping spree under your company name. Verify that all the items showing on your credit report belong to your company – whether or not it is positive or negative. Take a few minutes when you are reviewing your credit to be sure all the activity that is showing are accounts you have opened through your company. Don’t hesitate to call on anything that looks suspicious. You may just not recognize a name, but it is far better to ask that to risk a bad situation that will only get worse.
Find out more about improving your creditworthiness and learn about the various business credit bureaus. If you are going to be a successful business owner, then you need to understand how critical it is to make sure your creditworthiness is reflected accurately.
Vernon
How Well Do Your Understand Your Personal Credit Report?
Donald Saunders asked:
You probably know all too well that the information in your personal credit report is used by the finance and credit card companies when deciding whether or not to extend credit to you, but are you aware of exactly what information your personal credit report contains? For instance, did you know that the information contained in your credit report could affect whether or not you can buy that new home or will have to remain in your current ‘shoebox’?
Many people believe that if a credit card company or other lender looks at your credit report they are merely looking at your credit score and, although this is without doubt one thing that they do look at, they are looking at far more. Most especially, they are looking to see how much debt you have in comparison to to your income and even quite small accounts, like those with a mail order company, will be treated as an income deduction when when it comes to considering a loan application.
If a lender calculates that you have got less money coming in than you have going out then your loan request will undoubtedly be turned down. In fact, by law a specified percentage of your income has got to be available to meet loan payments before the lender is permitted to approve it, regardless of the purpose of the loan.
Lenders are also looking back at your credit history over the past seven years to see how well you have managed loans in existence during that period. Specifically, they are looking to see if you have made your payments on time and will take note of any payments that were more than thirty days late. It may not have seemed particularly important to you at the time that you ran into a few problems and were late with your payments for a few months on an account, but any new lender is certainly going to consider this when assessing the risk of lending to you now.
Lenders will also look to see whether any of your accounts have run into debt during the past seven years and whether or not these debts have now been paid off. If you have payments outstanding on an existing loan agreement credit card companies and other lenders will be very wary when it comes to giving you additional credit before these are cleared.
Finally, your personal credit report will also show if you have filed for bankruptcy, usually in the last ten years. A few people believe that a lender is much more likely to advance you credit if you have filed for bankruptcy as they enjoy the protection of knowing that you may not file again for several years. However, this is not the case and filing for personal bankruptcy is viewed as a red flag by the credit card and finance companies showing that you have already demonstrated a tendency for getting yourself in over your head when it comes to managing your finances.
Your personal credit report is a very important document and one which you should not only understand but that you ought to review from time to time for your own protection. Luckily, the law states that you must be sent a copy of your personal credit report once every year if you request it.
Gertrude
You probably know all too well that the information in your personal credit report is used by the finance and credit card companies when deciding whether or not to extend credit to you, but are you aware of exactly what information your personal credit report contains? For instance, did you know that the information contained in your credit report could affect whether or not you can buy that new home or will have to remain in your current ‘shoebox’?
Many people believe that if a credit card company or other lender looks at your credit report they are merely looking at your credit score and, although this is without doubt one thing that they do look at, they are looking at far more. Most especially, they are looking to see how much debt you have in comparison to to your income and even quite small accounts, like those with a mail order company, will be treated as an income deduction when when it comes to considering a loan application.
If a lender calculates that you have got less money coming in than you have going out then your loan request will undoubtedly be turned down. In fact, by law a specified percentage of your income has got to be available to meet loan payments before the lender is permitted to approve it, regardless of the purpose of the loan.
Lenders are also looking back at your credit history over the past seven years to see how well you have managed loans in existence during that period. Specifically, they are looking to see if you have made your payments on time and will take note of any payments that were more than thirty days late. It may not have seemed particularly important to you at the time that you ran into a few problems and were late with your payments for a few months on an account, but any new lender is certainly going to consider this when assessing the risk of lending to you now.
Lenders will also look to see whether any of your accounts have run into debt during the past seven years and whether or not these debts have now been paid off. If you have payments outstanding on an existing loan agreement credit card companies and other lenders will be very wary when it comes to giving you additional credit before these are cleared.
Finally, your personal credit report will also show if you have filed for bankruptcy, usually in the last ten years. A few people believe that a lender is much more likely to advance you credit if you have filed for bankruptcy as they enjoy the protection of knowing that you may not file again for several years. However, this is not the case and filing for personal bankruptcy is viewed as a red flag by the credit card and finance companies showing that you have already demonstrated a tendency for getting yourself in over your head when it comes to managing your finances.
Your personal credit report is a very important document and one which you should not only understand but that you ought to review from time to time for your own protection. Luckily, the law states that you must be sent a copy of your personal credit report once every year if you request it.
Gertrude
Totally Free Credit Report – View Your Credit History the Best and Most Cost Effective Way Possible
William Harty asked:
Many people are interested in monitoring their credit profile for various reasons whether it be for a loan, identity theft, or simply out of curiosity. One of the best way to view your credit score is by going online and obtaining a totally free credit report. Most credit experts out there advise that one looks at their personal credit report on a quarterly basis, once every 3 months. That way you will understand exactly what is going on with your personal profile.
It is very important to know what takes place with your credit history. Many who don’t care have found it shocking to see decreases in their scoring because of changes that can occur such as credit limits dropping, interest rates raising, or someone stealing your identity and maxing out your cards. This all can and has happened before without the card holder knowing for months simply because they did not care to check.
The internet offers a variety of ways to check your credit profile, some of which are site that can give you a totally free credit report. You may have to cancel between a select amount of days to make sure they do not bill you for the next month but it is definitely worth it. If you were to call your local bank or mortgage broker they will pull your credit but it will cost money and deduct points because it would be considered a hard pull. By doing it yourself you are able to view it without having to lose points from you score and you might even be able to do it for free!
Jerry
Many people are interested in monitoring their credit profile for various reasons whether it be for a loan, identity theft, or simply out of curiosity. One of the best way to view your credit score is by going online and obtaining a totally free credit report. Most credit experts out there advise that one looks at their personal credit report on a quarterly basis, once every 3 months. That way you will understand exactly what is going on with your personal profile.
It is very important to know what takes place with your credit history. Many who don’t care have found it shocking to see decreases in their scoring because of changes that can occur such as credit limits dropping, interest rates raising, or someone stealing your identity and maxing out your cards. This all can and has happened before without the card holder knowing for months simply because they did not care to check.
The internet offers a variety of ways to check your credit profile, some of which are site that can give you a totally free credit report. You may have to cancel between a select amount of days to make sure they do not bill you for the next month but it is definitely worth it. If you were to call your local bank or mortgage broker they will pull your credit but it will cost money and deduct points because it would be considered a hard pull. By doing it yourself you are able to view it without having to lose points from you score and you might even be able to do it for free!
Jerry
Will paying off an auto loan help my credit even though my credit card balances are high?
Rebecca asked:
To provide a little more information, my mother in law will be taking it over via a personal line of credit because the loan is taken out against her vehicle (we actually used the money to pay off some other debt). The balance is just under $10k and we still have another 32 months on the original 5 year term. So even though we’ll technically still owe her the money, as far as our credit report goes it will be an auto loan we paid off. We have 2-3 credit cards each (we’re married but not joint on any of the accounts) that are nearly maxed with really high interest. I’m wondering if getting the auto loan paid off will enable us to qualify for a lower interest high balance card where we could transfer these balances and pay the debt off in a reasonable amount of time. Any info is greatly appreciated!!!
Tracy
To provide a little more information, my mother in law will be taking it over via a personal line of credit because the loan is taken out against her vehicle (we actually used the money to pay off some other debt). The balance is just under $10k and we still have another 32 months on the original 5 year term. So even though we’ll technically still owe her the money, as far as our credit report goes it will be an auto loan we paid off. We have 2-3 credit cards each (we’re married but not joint on any of the accounts) that are nearly maxed with really high interest. I’m wondering if getting the auto loan paid off will enable us to qualify for a lower interest high balance card where we could transfer these balances and pay the debt off in a reasonable amount of time. Any info is greatly appreciated!!!
Tracy
Phantom debt? How could I be sure and what steps to I take?
PuzzledPink asked:
I am a responsible bill payer, never really had anything like this happen. I get a bill from a Sunrise Credit Services representing t-mobile saying I owe $259.61. I have no recollection of this bill nor was I ever contacted by t-mobile. I have not been a member of t-mobile for about a year or two so I know this is really weird. I get a notice saying I only have 10 days before the debt gets reported to my personal credit report with national credit bureaus. I NEVER RECEIVED PRIOR CORRESPONDENCE to even have been able to request for validation or dispute the debt. I never got a FIRST notice. How do I go about proving I do not owe this? Or, how do I verify that I do actually owe this? I do not have my final t-mobile statement anymore. I’ve paid the final bill plus the early termination fee prior to switching carriers.
Letter: (dated 07/14/09, received 07/19/09)
Our client has asked us to collect this debt. We have tried repeatedly to to so but with no success. (FALSE!!!) Our client has now asked us to report this debt to your personal credit report with a national credit bureau.
I am a responsible bill payer, never really had anything like this happen. I get a bill from a Sunrise Credit Services representing t-mobile saying I owe $259.61. I have no recollection of this bill nor was I ever contacted by t-mobile. I have not been a member of t-mobile for about a year or two so I know this is really weird. I get a notice saying I only have 10 days before the debt gets reported to my personal credit report with national credit bureaus. I NEVER RECEIVED PRIOR CORRESPONDENCE to even have been able to request for validation or dispute the debt. I never got a FIRST notice. How do I go about proving I do not owe this? Or, how do I verify that I do actually owe this? I do not have my final t-mobile statement anymore. I’ve paid the final bill plus the early termination fee prior to switching carriers.
Letter: (dated 07/14/09, received 07/19/09)
Our client has asked us to collect this debt. We have tried repeatedly to to so but with no success. (FALSE!!!) Our client has now asked us to report this debt to your personal credit report with a national credit bureau.
We will be reporting this debt to one or more of the national credit bureaus on or about 07-24-09. The only way this process can be stopped is by your action. You need to pay this amount in full immediately.
Banks, mortgage brokers, credit card companies, auto dealers and all major retailers look to your personal credit profile to make decisions whether to lend you money. You are jeopardizing your basic right to credit.
Your future credit is in your hands now! Don’t take this lightly. Don’t make a mistake that you’ll have to live with in the future. Pay this debt today!
Wilma