Tuesday, April 7, 2009

Privacy Policy

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Our Privacy Policy Update - April 2009
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Sunday, February 8, 2009

Strategies to Refinance With Bad Credit

Here are some more tips to help you get out of a bind and refinance with bad credit. Unfortunately many of these are long term strategies, but that is because some problems just don't have a quick fix. In most instances the best you can do to refinance with bad credit is to become more stable and responsible financially, over a period of time so you can show banks and lenders that you are trustworty. In any case, without further ado, here are more tips to help you refinance with bad credit.

Refinance With Bad Credit By Becoming More Stable

It helps on any kind of applications you might fill out if you have lived in one place for six months or longer. For those of you who just moved to an area, showing your previous address where you lived for a long period of time will help your case too.

Approaching the financial institution with a large down payment is very helpful. The more cash you have up front, the more likely it is that you will be approved for a loan or mortgage or be able to refinance with bad credit.
It is best if you can show that you have saved the money on your own, rather than borrowing it off of a friend or relative. If you did save it up yourself, make sure to make a point of mentioning it to the lender to increase your chances.

These days a landline telephone is becoming a rarity. If you do have a phone number in your name and at your address in your home and in your name, lenders will assume you are more stable and less likely to pull up stakes. Also, it shows the ability to make monthly payments on time to a phone company to maintain your home line. Only having a cellular phone for your home phone is more popular all the time, and it still is not seen as very respectable.

Financial institutions will trust those that they perceive as dependable, reliable and safe. How can you project this feeling? You can make sure you dress as nice as possible, have all of your personal information ready to roll and show up for your appointment on time. Even making an appointment and keeping it might be better than just dropping by on a whim to see if the loans officer is in.

Do you have someone respectable to write you a letter of reference, such as a former employer or someone who once lent you money that now has been paid back? If so, such a letter could be very helpful in establishing your good and honest character to the individual taking your application to refinance with bad credit.

Refinance With Bad Credit Using Collateral

Do you have any valuable items you can use as collateral for a loan or mortgage? Most likely your DVD collection or all of your football equipment doesn't count. How about a vehicle such as a car, truck, motorcycle or quad? Real estate is very useful as collateral. And of course there are investments that can be put on the line such as gold, stocks and bonds. Even furniture and collections of rare aniques might be a possible collateral item if it has been appraised.

Ever heard of an Online Savings Account? If you have money in a traditional savings account, then get it working harder for you with these government backed plans.

Ways To Refinance With Bad Credit

There is no worse feeling than being denied for a consolodation loan when you are trying to refinance with bad credit. Now what, most people think. I am sunk, and there is no way out of this terrible mess. Surely this is the end for me. This is simply not true. It will take time, effort and patience, but all of these troubles can go away or be alleviated in the long run. Here are a few quick ideas to get you started on the road to financial health again.

Relatives and Friends Can Help You Refinance With Bad Credit

Down through the years, this is one method used over and over to get mortgages and loans that would otherwise be impossibly out of reach. In the case of close relatives and friends, many will help those in need in their circle of influence. It can be hard to approach this subject, but you will never know if it is an option unless you ask them. Alternatively, someone other than you can purchase a home for you and in the future you could be be added to the mortgage. This is something it would be necessary to check into as far as local laws and such are concerned.

Give Your Income a Boost to Refinance Your Bad Credit
If you were to get a part time second job temporarily, your income would increase a bit. It is possible that you may be able to qualify for that loan with this secondary income rolling in. Alternatively, you could take this extra money and sock it away, getting together a down payment to use when you approach the bank to refinance with bad credit. You might decide to start a small business from your home, but this can be very risky as there are usually startup costs and not much for income at first. Still this is one idea that has worked for many people to get that nestegg put away.

Refinance With Bad Credit By Asking Organizations For Help
Some churches, synagogues and the like can either help you with housing, help you get that temporary second job, or even point you in the direction of private individuals that might cosign or lend you money. There are also government programs that might help you with financing in some cases. Again, it is necessary to follow up and research what is available from the government at any given time.

More Refinance With Bad Credit Tips

There are a few things you can do to improve your chances of receiving conventional financing, allowing you to refinance with bad credit. Financial institutions will check out potential customers with bad credit and may offer a higher interest rate. If this helps you get into a house or get that new vehicle you can refinance with bad credit later on, once you have shown how faithfully you can get payments in on time every month.

Refinance With Bad Credit By Fixing Your Credit Report

For some individuals, it is possible to fix their credit report and help their credit rating. In order to do this you first need to see a current copy of your credit report. Anyone can get a free copy of thier credit report once they have been turned down for insurance or a loan in a recent 60 day period. Following a credit application denial, the lender is supposed to let you know and tell you how to contact the credit bureau so you can access this information.

Remember, it is not possible to remove correct negative information about defaulted payments, loans or mortgages from a credit report. That being said, you can dispute mistakes, outdated items and such free of charge. It would be necessary to ask for an investigation of the items in your credit file that you think or know is incomplete or incorrect.

The credit reporting agency can supply you with the correct forms which will allow you to make your case in written form. Make sure you include copies of any pertinent documents or proof. It is important not to send originals!

You may have seen ads for credit repair organizations, but anything they can accomplish for you it is possible to do on your own without their high fees. Most of these types of proceedures can be done for a very small monetary amout.

Saturday, February 7, 2009

Refinance Your Car With Bad Credit

Did you know that it is possible to refinance your car? A lot of times if you have a high interest car loan then refinancing your car loans might be a very good idea. But, how can you decide if this is a wise course of action? And how can you arrange it so you come out ahead in the long run?

Very similar to refinancing your mortgage, when you refinance your bad credit the old loan is paid out completely and you now only have the new loan to contend with. Depending on the state of your credit rating at the time of the car purchase, you may have been hornswaggled into a very high interest rate, much higher above the interest rate you could qualify for now. So as you can see, if you refinance your bad credit car loan the amount you pay monthly might drop quite a bit. It can also mean that over the full term of the loan you could come out ahead hundreds or thousands of dollars by reducing the interest you have to pay.

But how can you tell if you might qualify for such a loan? Here are a few clues. Have you owned the vehicle for more than a year? Have you made sure all of your payments were made on time for the full amount? And finally, is your car worth more than you owe? If any of these items are true in your case, then you may be a candidate to refinance your bad credit car loan.

The next step would be to make sure you understand the condition of your credit rating. After researching both of these you are ready to move to proceed. If you ever had to claim Personal Bankruptcy or were in trouble with a lot of payments, that would show up on this record.

Now you need to find out your car's market worth. It will not be necessary to have your car appraised, but you should have an idea what it is worth before you approach lenders. Check your local bookstore or an online resource to find out your car's value. Several books give current market value for almost all makes and models out there. Be realistic; just because you love your car doesn't mean it is made out of gold!

Now it is time to size up different lenders. While it might be that whomever holds your current loan will refinance with bad credit, you might also be able to get a better deal somewhere else. Therefore it is a good idea to shop around a little. If you receive any offers take them home and compare them.

Sounds like a lot of work, doesn't it? Well, it won't cost you much to do the research. And who knows, maybe you will save yourself a pile of money in the long run.

Friday, February 6, 2009

Refinancing a Business Loan When You Have Bad Credit

Bad credit can come into your life and, like a plague, refuse to leave. From a messy divorce, to a medical emergency, to a job layoff leaving you unable to pay bills. Any of these situations can force you across the line out of the black and into the red.

No matter what has given you such poor credit, it will most likely mean that you will be unable to just waltz into a bank and ask for a business loan. Still, don't give up hope. You might be able to refinance with bad credit, and this might help you get yourself out of the terrible financial vortex and back on track!

There are a variety of lenders and websites, such as Detroit Bankruptcy, that specialize in refinancing with bad credit. Because a person with a bad credit rating is classed as high risk by traditional agencies, that makes a business loan in these circumstances hard to get to say the least. You need to be creative and think outside the banking box. I know that to refinance with bad credit is definitely in the realm of possibilities. Even such a step as high risk unsecured personal loans can be a possibility at times.

One way to refinance with bad credit is to use your home as an asset. If you have equity in your home, then you may qualify for a home equity loan. Property owners have a leg up as far as getting approved for any sort of loan including business loans. This is too bad since many people will never qualify for a regular mortgage due to their terrible credit history. They might first need to figure out how to get out of debt.

If you do own your own home, you can look for lenders that specialize in refinancing with bad credit. Most likely you can use your property to your benefit. Realize that you will be asked to pay a higher interest rate. In any case, by refinancing with bad credit using your home, you'll get the chance to fix your borrowing history by making each installment on time, and this will rebuild your credit rating. Eventually, later on, you will be offered a lower interest rate once you have proven yourself.

Another way to go is to look into collateral loans. Refinance with bad credit by staking some type of collateral, which shows the lender that if you default on your payments, they won't be on the hook for the whole dime. And if you don't make your payments on time,you might lose the item(s) that you put up for collateral so this is indeed motivation at its highest! A refinancing bad credit loan can use many types of items for collateral. For instance, cars, boats, trucks, snowmobiles, motorcycles, artwork collections, and a whole slew of items for which you can show a market value.

Since these items will be lower in value than property, the loan value will be smaller.A small amount can get your business on the go, and will get you underway working on rebuilding your credit rating.

-And now we have worked our way to asking a friend or relative to co-sign a loan for you. If you don't have collateral or property to put up, you don't have nearly as many directions to turn. Even so, what if you ask a friend or relative to co-sign the loan, assuming that they trust you to pay it back. This is not for the faint of heart, since if you default your friend or loved one will be left hanging and have to pay the piper. Don't stiff your mother with the bill!

If you have a really good idea for a business, how about looking for an investor? A business investor can eliminate the need to refinance with bad credit. The investor could make you a loan agreement, or the person or business entity might get a share in the business. In general, you would need to come up with a solid business plan to show a potential investor.
That is a few of the options available when you are trying to refinance with bad credit for a business loan. Quite often all that is needed to get the job done is determination and a willingness to knock on a few doors, so to speak.