Top 5

Consumer Bad

Credit Questions

REAL PEOPLE WITH BAD CREDIT

#5

MOST FREQUENTLY ASKED QUESTIONS ABOUT BAD CREDIT

What Causes Bad Credit?

Question:

WHAT CAUES A BAD CREDIT RATING

Answer: These things can all contribute to lowering reputation and hurt your credit score:

• Late payments

• Defaulting on a loan

• Bankruptcy

• Foreclosure

WHAT CAUES A BAD CREDIT RATING

• High credit card balances

• Closing old credit cards & cards with available balances

• Applying for several credit cards or loans

• Getting a judgment

WHAT CAUES A BAD CREDIT RATING

#4

MOST FREQUENTLY ASKED QUESTIONS ABOUT BAD CREDIT

How Long Until Negative Information Falls Off My Credit Report?

Question:

HOW LONG DOES A JUDGEMENT STAY ON YOUR CREDIT

Answer:

It depends on the type of negative information.

The next slide will break down when negative items are supposed to stay on your credit report.

HOW LONG DOES A JUDGEMENT STAY ON YOUR CREDIT

The basic breakdown

Types of negative information Years

Late Payments 7

Bankruptcies 7 (Chapter 13) & 10 (Chapter 7)

Foreclosures 7

Collections about 7

Public Record about 7 (unpaid tax liens can stay indefinitely)

HOW LONG DOES A JUDGEMENT STAY ON YOUR CREDIT

#3

MOST FREQUENTLY ASKED QUESTIONS ABOUT BAD CREDIT

What Options Do I Have To Buy A House With Bad Credit?

Question:

CAN I QUALIFY FOR FINANCING

Answer: Though it becomes more difficult, it’s not impossible. You can open up more opportunities for bank financing by:

• Try to run a credit repair process

• Research Federal Mortgage Programs

• If you qualify, check out VA loan options

• If available, find a cosigner w/ good credit

• If traditional lending continues to say no. Consider seller financing

CAN I QUALIFY FOR FINANCING

#2

MOST FREQUENTLY ASKED QUESTIONS ABOUT BAD CREDIT

Can I Qualify For A Debt Consolidation Loan With Bad Credit?

Question:

GETTING OUT OF DEBT WITH LOAN COMPANIES

Answer: Definitely. A number of programs are not credit score dependent for approval. Consider the following first however:

• Balance transfers

• Personal loans

• Home equity loans or home refinance

* We reveal a number of powerful debt refinancing programs which can rapidly reduce your monthly bills – run the numbers, if it makes sense, take advantage of them to save money.

GETTING OUT OF DEBT WITH LOAN COMPANIES

#1

MOST FREQUENTLY ASKED QUESTIONS ABOUT BAD CREDIT

How Can I Fix My Bad Credit Without Spending A Lot Of Money?

Question:

HOW TO IMPROVE YOUR CREDIT SCORE

Answer: You CAN do it solo. All the tools are available to you, though the process can be time consuming and sometimes frustrating.

Focus on the financial fundamentals for great consumer credit to fix your scores:

1. Make your personal finances bullet-proof.

2. Get and monitor your credit reports

3. Fix inaccuracies, grow good credit items, eliminate negative bad credit items.

HOW TO IMPROVE YOUR CREDIT SCORE

* We share in more detail what it takes to fix your credit scores yourself, view it here.

Keep it simple. Fundamentals of consumer credit success:

• Pay bills on time

• Keep owed balances under 30% of an available credit line

• Consider keeping seasoned unused accounts open

• Keep borrowing to a minimum

HOW TO IMPROVE YOUR CREDIT SCORE

About ReallyBadCreditOffers.com

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We provide ‘tough love’ straight-talk about financing, credit and savings issues. Founded with a mission to give consumers the real world, actionable resources to rapidly whip their personal finances into shape.

Visit the website to learn more about the powerful resources available to help people struggling financially get back on track.

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Source: https://www.consumer.ftc.gov/articles/0153-choosing-credit-counselor

PERSONAL FINANCE SUCCESS