Chances are you are reading this article because you want nothing more than a second chance to show lenders that you have learned from painfully bad mistakes that you might have made in the past with regards to your credit. You are now older, wiser, more ready to manage your finances - if only someone would give you a chance.
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The good news is that there are lenders who are willing to do just that. These lenders have literally helped thousands of bad credit borrowers just like you find the needed resources to obtain loans, credit cards, even mortgages, regardless of their shabby-looking credit files or deflated credit scores. You can be next.
But How, You Ask?
These special online lenders deal only with borrowers who have had some difficulties in the past that resulted in derogatory credit items being listed with the major credit reporting bureaus. They see past the stereotypical borrower with good credit to understand that sometimes people are capable of change. They have seen every situation, every type of credit score you can imagine - yet they are able to help you crawl out from under your financial mess by providing funding.
Do not expect that your credit score will improve by leaps and bounds overnight or even within a few months. But by following some simple steps, you can get back on the road to recovery in less than a year.
Secured Credit Cards
Obtaining a secured credit card is one of the fastest ways that you can improve your credit score. By placing a deposit with a bad credit secured card issuer in the amount that you wish to have credit extended to you, you demonstrate your willingness to back-up your intentions to become a good borrower. By using your secured credit card wisely, you will provide monthly proof that you have turned over a new leaf. Your good payment history with your new secured credit card can add dozens of valuable points to your credit score in just a year or less.
Secured Personal Loans
A secured personal loan is a loan that is secured by collateral. Collateral can be your home, car, or piece of real estate that you have a title or deed to that proves ownership. By taking out a secured personal loan, you can establish good payment history with monthly credit bureau reporting that can help your credit score soar to better numbers in no time.
Build Your File Back Up
When you apply for your secured credit card or secured personal loan, do so with a lender that gives you the best chance for approval, such as the online lender. Whenever you apply for credit, points are deducted automatically from your FICO score. Therefore, if you apply for multiple loans, get turned down for all or most of them, then you have further damaged your credit rating. Because of the high rate of approval with an online lender, you need make only one application to get the credit you need to help you rebuild your good name.